The market sold off hard on Wednesday clearly indicating the market is in crash mode. But with the market participants clearly in capitulation mode the market should find some support soon and then bounce to relieve the extremely oversold condition.
However, if that does not happen buyer anticipating a bounce could again bail resulting in a acceleration is the stock market crash.
Key price level for NQ in Thursday will be 4210 resistance and 4170 support.
-- Above 4210 selling pressure should be subdued, first resistance above is 4260
-- Selling pressure should resume below 4210, but major algo selling should hit the market below 4170. If so, the next downside target is at 4100, but 4100 could easily be exceeded if selling momentum accelerates.
