-- NQ daily trend = down
-- NQ 60-minute trend = down
-- NQ 5-minute trend = down
NQ sold off hard soon after the open in the morning on Thursday which then panic the Fed into buying to support the market ahead of Chairman Powel Friday speech. The Fed is going to continue to support the market on Friday just to keep selling under control.
Key intraday price level for NQ on Friday is 7650 support and 7750 resistance.
-- NQ would need to clearly break above 7750 to force some of the short-sellers to cover, and cause a rally.
-- NQ is bearish intraday below 7750, but needs to break below 7650 to trigger heavy selling that could run-over the Fed buying power, unless of course they come in with an even bigger buy programs.
All eyes will be on the Fed Chairman Friday when he speaks at the Fed's annual Jackson Hole Economic policy Symposium.
