Relentless buy programs were finally able to push NQ above 4800 key resistance on Thursday and were finally able to get some shorts to cover. The buy programs continued all day to get NQ to close at the high of the day, in order to create a bullish-looking technical conditions.
Key resistance for Friday will be 4830.
-- If NQ can break and stay above 4830 we could see another slow up day on Friday simply because many sellers would just wait to sell at a higher level, or waiting to sell when NQ break-back below 4800 price level now an important support level.
-- A break-back below 4800 is bearish and could set up another rounds of selling.
