The stock market tanked hard on Friday. Some traders used the excuse of the new Covid variant to trigger massive selling when there was hardly anyone around to trade because of the US Thanksgiving holidays.
The stock market tanked hard, and the crude oil futures market crashed even harder. If the sell-off is real, we should see the sell-off continues this coming week. However, if it was just a sell-off just to run-over stop losses of the bulls when there was no one around, then we should see a massive bounce his coming week.
Key inflection price level for trading NQ on Monday is at 16,100 with first key resistance at 15,225 then if that is broken, 16,300 is the next resistance for NQ.
NQ is bearish below 16,100, with the next lower support at 15,600-15,700 price zone.
