NQ traded sideways in a very narrow range on Thursday, and may be setting up for a range expansion on Friday.
With President Trump failure to get trade deal with China and also failure to get nuclear weapon deals with North Korea, the stage is set for PPT market intervention in overnight trading in order to generate short-covering on Friday.
Key intraday inflection price level on Friday will be 7110
-- If Thursday night buy programs could cause a large gap-up open and trigger short-covering we could see a big rally on Friday. However, if selling should stall any short-covering rally, we could see sharp move back down.
-- If NQ should open below 7110 on Friday look for NQ to try to drop back down to support 7025-7050 before rally back up.
