With the equity market ready to crash again soon after the open on Thursday the Fed went into panic mode, hinted QE4 and triggered one of the biggest non-stop buy program ever, pushed price up all day.
Whether or not we can get a follow-through buying on Friday would depends on whether or not the Fed will come back with another rounds of buy programs. If they do, we should see either another up day or a sideways consolidations.
Key price level for NQ on Friday will be around 4260
-- If NQ can stay above 4260 then sellers will be kept at bay, but NQ would need to trade above 4300 to trigger another rounds of Fed-led short-covering rally.
-- Seller will be back below 4260. If so next support is at 4200.
Key market driver would remains the price of crude oil. As long as the price of crude oil can stay above $30 the equity market should stabilize a bit.
