On the daily timeframe, NQ is in a strong down trending mode, currently trading below both the 20-DMA and the key 50-DMA, both around 5700 price level, now acting as strong resistance on any rallies.
On Thursday NQ dropped down to retest double bottom support within the first hour of trading before buy programs was able to rally NQ up to resistance. However, strong downtrend on the daily chart continued to drag NQ down again in the afternoon, closing just above the double-bottom of 5580.
5580 will be key support for NQ on Friday.
-- A clear and sustained break below 5580 is likely to run over trailing stop-losses, and triggering massive algorithm sell programs as the bulls exit their long position, and that could quickly tank NQ down to the next support zones at 5450-5480 area
-- Staying above 5580 is going to keep selling under control, if so NQ either trade sideways or rally.
Thirty-year yields surged as much as seven basis points Thursday to 2.92 percent, breaching both 50- and 200-day moving averages
