A big down move in the equity market in the morning on Thursday, and it took until the afternoon before central banks were able to push the stock market back up to close near where it closed on Wednesday.
With the current stock market rally occurring with negative breath it is not going to be long before the stock market reverses in a big way. Thursday was a classic example of market selling off without any major news. This type of market action is going to get more frequent as we nears the market top and nearing the turning point.
Inflection price level for NQ on Friday will be 6310.
-- Trading above 6310 could cause some shorts that have not covered their short position on Thursday to starts covering. If so, we could see NQ rallying to above Wednesday high before pulling back down.
-- Trading back below 6310 could attract selling, with first lower support at 6275.
