On Wednesday, worse than expected retail sales figures cause the market to opened with a huge gap-down. However, short-covering helped push the market higher all day. As long as NQ remains above its 50-ma on the daily chart, short-covering should continue to push the market higher.
The 50-ma on the daily chart as of Wednesday's close is at 8400, and the 200-ma on the daily chart is now at 8240.
The job reports tomorrow is expected to be really bad. However, it can either be positive for the market or negative. As such key support level for NQ on Thursday will be at 8400 and 8240. As long as NQ remains above 8240 it is still in a bullish mode on the daily chart.
Intraday LIS for NQ on Thursday will be at 8580.
