On Thursday NQ opened above support and then rallied up to strong resistance at 7480-7490 zone where sellers came in to sell, tanking NQ back down to just below opening low.
As long as NQ remains above key support on the daily chart, the 50-day moving average, NQ is going to continue to try to break through strong resistance 7480-7490 zone simply because the daily algos will continue to stay in their long position until it breaks above previous swing high, 7530 where stop-loss congregates just above it.
For Friday, the short term intraday 5-minute chart inflection price level will be 7430.
-- NQ has a bullish bias above it, but strong resistance remains at 7480-7490.
-- Trading below 7430 will have a bearish bias short term, support is at 7395-7400.
With Friday tending to be choppy as traders balances their books ahead of the weekend, expect sideways pattern, unless NQ breaks out above 7490 or breaks down below 7395.
