NQ lagged behind the blue chips stocks on Thursday as market breath gets worse by the day. Unless the Fed is ready to directly restarts its own QE as opposed to engineering their QE through the BOJ, the PBOC and the ECB, we can expect the current rally to stall soon, to be followed by a resumption of the current bear market that started in January.
With the daily chart currently still in a rally mode, it would take some time before the current rally turns into a downtrend. For now the market may just continue to rally in a choppy narrow range trading pattern.
Short-term intraday key price level for NQ on Friday will be 4365 support.
-- If NQ stays above 4365, the shorts will remains inactive, first resistance is 4400.
-- Trading below 4365 could trigger some selling algos, supports are 4340, then 4330
