On Thursday NQ opened just above support and then immediately rally to a higher high above prior day high before pulling back down, closing below key 200-sma support on the 5-minute chart, an indication wave 5 rally on the 60-minute chart has likely ended, and a-b-c wave decline targeting its 50-sam is in progress..
Unless the Fed buying algorithm can push NQ back up above key balance price level before the market opens on Friday, which on Friday will be 7485 , profit-taking ahead of the weekend could tank NQ down to lower supports, 7445 and then 7400.
Key price level for NQ on Friday will be 7485, bearish bias below, bullish bias above.
-- First support below 7485 is 7445. Unless the market gets very bearish 7445 support should hold. In the event the market gets very bearish, stronger support is at 7400.
-- Trading back above 7485 is going to trigger short-covering, if so the nest target is a break above Thursday swing high.
Note that Friday tends to be a choppy sideways trading patterns as traders balances their books for the weekend
