The stock market traded sideways in a narrow trading range for the second day in a row on Thursday thus setting up a large trending move out of the range. With Friday tending to be a choppy sideways type of day it is likely we may not see a trending move until next weeks.
Key line-in-the-sand for NQ on Friday will ne 9990
-- Trading above 9990 is bullish with resistance at 9920. A sustained break above 9920 could lead to a sharp spikes as stop-loss get run-over. However, should NQ breakout and then reverse we could see a very sharp reversal.
-- Trading below 9990 is bearish with key support at 9940. A sustained break below 9940 could trigger selling to tank NQ down. A false-breakout leads to fast reversal.
