The stock market sold off very hard on Wednesday night because of the high CPI print. However, some big buy programs came in to buy the big drop at the open and rallied the market up. NQ closed the opening gap before reversing and going back down and break below the opening low.
NQ has been trading lower after on Thursday night. Key support for NQ on Friday will be at 14,500. If NQ should trade below 14,500 on Friday there is a high probability NQ would crash down to retest the low of 13,700.
It is really up to the Fed to calm the market down. Even with Friday tendency to be a choppy non-trending day, if the Fed does not calm the financial market we could see a big drop on Friday.
NQ intraday line-in-the-sand is at 14,750, bullish above it bearish below it.
