Even with continuing massive money creation by the major central banks, it was a generally bearish day in the equity market on Thursday with NQ opening with a gap-down and stayed down when buy programs failed to push NQ back above key broken support.
With all the major indices showing very strong bearish momentum divergence on the daily chart, unless they can push the stock market back up above recent swing high, the bearish divergence condition on the daily chart could become reality, and could trigger sharp selling activities.
Short term timeframe key support for NQ going into Friday will be 4790 and key resistance is at 4815.
-- Unless NQ can break and stay outside support-resistance zone, look for the typical Friday choppy sideways price action.
In August, the worst August since 2013, bankruptcy filings were up 44% from September last year, the low point in this multi-year cycle, and up 29% from August last year:
