A very choppy rally on Thursday with NQ bumping against 20-ma resistance on the daily chart, key level going onto Friday.
Federal Reserve and the government may be willing to spend trillions of dollars buying equities to push the market higher. In the short run they may win, but deflatio9nary forces is so great that even the government and central banks would not be able to keep the market up for very long.
On Friday, key intraday LIS for NQ will be at 7750.
-- Bullish above it but 7850 is a very strong resistance area, the 20-ma on the daily chart where sellers comes back in to sell.
-- Bearish below 7750, with key support, 200-ma on the 5-minute chart at 7600, a clear break could tank the market again and implies a resumption of the downtrend.
