A large trending down day for NQ on Thursday and it closed near thee low of the day., a bearish With Friday tendency to be a choppy sideways type of trading pattern, we could see NQ trade sideways to consolidate the huge selling on Thursday.
However, in a strong downtrend, it is also very likely for the market to trend over ,multiple days without consolidation. As such, we should also be on a lookout for a possible large down day again on Friday.
Key intraday support for NQ on Friday will be at 11,400. With many buyers setting their trailing stoploss just below 11,400, a sustained break below it could trigger another round of selling.
A false-break below 11,400, however could trigger a sideways consolidation with resistances at 11,500, 11,550 and 11,700-11,750.
