On Thursday, NQ opened below 5900 key support thus triggering another round of selling that initially tanked NQ down to 5860 support, which initially seems to hold, but attempted reversal failed as NQ continued to get dragged down lower by selling in the cash market.
At the end of the day, NQ eventually dropped down to 5800 which is another key support. No doubt the Fed proxy buyers will try to defend 5800 support on Friday. If so we could see the typical consolidation type of price action on Friday, however, a clear violation would immediately tank NQ down to the next support at 5700.
