The Fed Chairman very dovish speech at the Economic Club on Thursday might have saved the stock market from being sold-off again. Aggressive buying by the Fed/PPT right at the open helped pushed NQ up from a huge opening gap-down on Thursday.
With the PPT certain to continue buying the stock market, they may be able to push NQ above key resistance, the 50-dma on the daily chart. A clear and sustained break could trigger algos buying that could cause a huge 200 to 300 point rally.
Key inflection price level for NQ on Friday will be 6620, acting as resistance at the close on Thursday. Should NQ opened above 6620 on Friday, 6620 will act as support, and the next major resistance is 6700.
