-- NQ Daily rend = Up
-- NQ 60-minute trend = Up and in overbought zone
-- NQ 5-minute trend = Up
Buy programs started on Wednesday night during low volume globex trading session when it is much easier to manipulate the market. Buy programs then continued on all day on Thursday, however, NQ only managed to rally during the first trading hour on Thursday morning as distribution selling by large funds kept the rally from continuing on after just the first hour of trading on Thursday.
For Friday, as long as NQ remains above 7840 we could see more rally in the morning before pulling back down or just trade sideways. However, should NQ opens below 7840 we could see morning pullback down move before rallying back up.
The excuse used by the Fed/PPT to trigger buy programs on Wednesday night and into Thursday was trade talk with China.
