NQ traded sideways in a very narrow range on Thursday as profit-taking activities from overbought conditions continues cause a very slow drop..
Without any buyers and sellers the market continues to chop around in a narrow range sideways action. Friday tends to be a choppy day, thus without any unexpected market-moving news, we could reasonable expect NQ to trade sideways in a narrow trading range again on Friday.
Key short term intraday inflection price level for NQ on Friday will be 7280.
-- NQ is bearish on intraday basis if it trades below 7280, with support at 7240.
-- NQ would turn bullish again intraday if it trades above 7280, first resistance is at 7325 double-top
President Trump is preparing the financial market for a no-deal trade negotiation with China. With the stock market in overbought situation, a no-deal announcement may cause a big stock market sell-off.
