NQ traded sideways above 3900 key support all day on Thursday with the Fed finally able to rally the market late day into the close.
Friday trading will be interesting ahead of the US market closing next Monday and China stock market reopening next Monday after being closed for a week to celebrate the lunar new year. As such, anything is possible, but look for the crude oil market to provide direction for the stock market.
Key price level for NQ on Friday will remained at 3900.
-- Selling pressure will remain subdued above 3900, with the first resistance at 4000.
-- A sustained break below 3900 is likely to trigger algo selling programs, next support is at 3700.
With the Fed about to join major global central banks into negative interest rates which is bearish for the banks, looks for banks to continue to sell-off.
