Non-stop buy programs likely from the Fed/PPT continued all day on Thursday, designed to force the shorts to cover. NQ closed at the high of the day.
If the buy programs do not continue on Friday morning we would see NQ pulling back down to support, 7480 before rallying back up. Although not a high probability, a break-back below 7480 implies a bigger drop down to second support level, 7420
Key price level to watch for on Friday, and also our line-in-the-sand for NQ is Thursday swing high.
-- Trading below Thursday high implies NQ is pulling back, and in consolidation mode.
-- Staying above Thursday swing high is going to continue to cause short to cover, if so, although not a high probability, we could see another rally day.
