Following a failed ramp-up attempt by the Fed on Wednesday NQ sold off hard on Thursday dropping all the way down to just above 4500 support before profit-taking bounce price back up a little bit.
With a highly manipulated market, an employment report released before the open could cause a large gap at the open. The direction would depends on where the gap open will be, assuming there is a gap.
Key support and resistance for Friday will be 4500 support and 4600 resistance
-- Staying inside the 4500-4600 range could make for a choppy Friday.
-- Trading outside the range could trigger strong trending move, particularly if trading below 4500, with lots of stops to be has, it could trigger another round of selling algo, next target down is 4430-4440.
-- It would require massive intervention by the Fed to gap prices up above 4600 resistance in order to trigger short-covering rally.
Gold chart
