On Thursday, the Fed were caught unprepared in the early morning when massive selling hit the NQ market, tanking NQ down all the way to 4700 support, briefly spiked below 4700 before buy programs were able to stabilize the market.
Selling in the technology is likely to continue going forward as President Trump trade policy (tariff) come into effect in the new year. Tariff is bad for everyone and is very deflationary, so look for forces of deflation to accelerates going forward.
Key price level for NQ on Friday will be 4700 support.
-- Ability to stay above 4700 may relieve selling pressure.
-- A break down below 4700 could tank NQ with lower supports at 4500-4550 area.
