A down day in the market on Thursday with NQ down over 80 points from Wednesday's close. Recently the major stock indices have not been able to rally more than one day at a time as investors continues to go short against the Fed buy programs.
On Thursday NQ closed at key inflection price level, 4470, setting up another sell-off day or consolidation or rally.
-- Trading above 4470 indicates NQ is either going into a consolidation mode or a rally mode. Key resistance to break will be 4500. NQ needs to trade above 4500 to trigger some short-covering.
-- Remaining below 4470 is likely to trigger some short-selling, but NQ needs to break and stay below Thursday swing low to trigger major sell programs.
ECB Losing Control
In Naples, Italy, riots against Prime Minister Matteo Renzi resulted in clashes between police and demonstrators.
