Ahead of the mid-term election next week the stock market continued to be bought on Thursday generating another up day for the stock market. The party in power would love to see massive rally into the election day but deflationary forces continues to push the market downward.
Overnight the stock futures has already tanked in overnight trading, unless the PPT can continue to buy and push the stock market up into the open and all day on Friday the selling may overwhelm the buying.
Key support for NQ on Friday will be 6930.
-- As long as NQ can stay above 6930, any selling should remain under control. However, strong resistance where sellers could come in aggressively is at 7100-7125 price zone.
-- Breaking back below 6930 could cause an out of control selling that could tank the stock market.
