NQ opened with a gap-down then traded down below prior day low where trailing stop-losses congregates, running over stop-losses, and crash hard, down over 700 points from prior day close.
Unless the Fed can push the market overnight ahead of the employment report to be released before the market open in the morning, NQ is set to tank hard at soon after the open if margin-selling materializes.
Key price level to watch tomorrow will be 11,850, then the pivot at 11,900 as possible resistances for the profit-taking rally ahead of the long weekend.
Below Pivot, we either get heavy selling, a crash, or just the normal Friday pattern, the sideways pattern.
Here are the charts showing current market extreme bullishness
