After a big down day on Wednesday NQ spent all day trading sideways on Thursday consolidating the big sell-off day on Wednesday.

Key to trend direction on Friday will be where NQ trades in relation to its key line-in-the-sand, which for tomorrow will be the high of Thursday (11,000) and the low of Thursday (10,710)

With today's setup very similar to last week Thursday setup, we could see similar pattern, with a decline in the morning and then profit-taking rally in the afternoon.

Trading inside the zone 10,710 - 11,000 will keep NQ in a sideways pattern. .But with NQ now clearly below the 50-dma on the daily chart, we could see a free-fall if NQ should breaks below Thursday low and cannot recover.