NQ tanked down below critical breakout support level on Thursday then rally back up to test the break in the afternoon, closing just below 7740 support now-turned resistance.
With so many traders on the buy side or sold naked put options, a continual decline could get very ugly very quickly.
NQ desperately need to get back above 7740 to keep selling under control With the Fed/PPT aware of the potential danger they are going to do whatever they can to push the stock market up. Whether or not they are going to be successful remains to be seen.
Thus key Line-in-the-Sand for NQ on Friday will be 7740.
-- Trading back above it should key sellers under control. If so we could see the normal Friday pattern of choppy sideways consolidation. or a big rally day.
-- Failure to break back above 7740 and instead, breaks below Thursday low, we could see a fast 200-points NQ decline.
Beware of the sell in May and go away
