On Thursday, NQ opened with a huge gap-up but failed to attract much short-covering activities. NQ then traded sideways for a while before selling off in the afternoon, closing at key inflection price level for Friday.
Friday key inflection price level for NQ will be 7390, bearish bias below and bullish bias above.
-- Trading below 7390 could attract some algos selling programs. If so, the next strong support is at 7290-7300.
-- Shorts may have to cover if NQ trades above 7390. If so the next resistance is at 7440
The decline from August 9 swing high to August 15 swing low is a clear a-b-c wave pattern.
