Again, on Thursday, Fed engineered gap-up open failed to attract sufficient short-covering and buying activities to sustain a rally, as gap-up open continues to be sold.
The real economy is in trouble and already in recession, although it will take at least several quarters of negative GDP to officially call it a recession.
Key inflection price level for NQ on Friday will be 7720.
-- Bullish above 7720 with resistance at Thursday high.
-- Bearish below 7720, wish first support at 7670.
The market tends to trade inside a trading range on Friday as traders balances their trading books, as such, we could see NQ trading between Thursday high as resistance and 7720 as support. Should the market gets bearish and breaks below 7720 we could see a sharp liquidation selling, with the next support at 7600.
