NQ traded sideways again all day into the close of the regular trading hours. However, disappointing earning reports from such companies as Microsoft and Google, just before the close, tanked the market down, NQ dropped over 50 points in the last 15 minutes of trading.
Whether or not Friday is going to be a bearish day would depends on where it trades in relation to its 20-DMA support on the daily chart, which for Friday will be at 4500.
- If NQ can stay above 4500 key support, it would either trades sideways or rally to resistance, first resistance at 4535.
-- Inability to stay above 4500 could trigger algos sell programs, first downside target is at 4440, then 4400.
Microsoft stock belly-flops on earnings miss, tax hit, and weak guidance
