After a huge rally on Wednesday following the FOMC policy decision announcement the stock market opened with a huge gap-down on Thursday, then after trending down most of the day there was the usual end of day profit taking rally.
Friday tends to be a choppy sideways day as traders balances their books ahead of the weekend, expect Friday to be sideways consolidation.
However, with the market so bearish, we could also see another sell-off day as many buyers are now trapped with huge losing position. If they are forced to exit de to margin all, we could see huge selling again on Friday.
Key intraday inflection price level is at 11,150, with first resistance at 11,250, then 11,425
