On Thursday NQ opened below key support price level, 7110, which happens to be also below prior day low, triggering massive algos sell programs, and dropping down below strong support, the 20-dma on the daily chart.
NQ has now clearly broken below the 20-dma on the daily chart, indicating the uptrend that started at the end of December 2018 has officially ended. Unless NQ can break back and stay above its 20-dma on the daily chart, NQ is set for a multiday fast and large decline.
NQ may consolidate the large down day on (Thursday's decline) simply because Friday tends to be a choppy day. However, should NQ continue to drop lower on Friday instead of consolidation we could see a huge fast decline as buyers are forced to bail out of their long positions.
Key intraday balance price level for NQ on Friday will be 7040.
-- NQ is bearish below 7040 with support at 7000. Should NQ breaks below 7000, we could see a fast and large drop.
-- NQ is bullish above 7040, but resistance is at 7080
