After three days of pullback rally that failed to reach resistance, which is an indication of too much selling activities, NQ dropped down hard on Thursday as the dominant downtrend resumed.
With Friday which tends to be choppy, it is possible for NQ to just trade sideways on Friday before tanking again next week. But with such an overwhelming selling activities NQ could still trend down on Friday and continue tanking next week.
Against the backdrop of very high inflation the Fed may be forced to actually commence tapering instead of just jawboning and pretend to want to tap[er. If so, the crash is inevitable.
The next very important support level for NQ is 15.500. A clear and sustained break below that has the potential to crash NQ down to its next key support, the 200-day moving average on the daily chart, 14,950. That should also should break with por without a bounce. 13,80 - 13,14,000 is a much stronger support for a bounce.
