Wednesday was the 3rd pullback-down day and it was supposed to be a big rally day, but instead, it was a very narrow range sideways trading pattern, as such, it needed Thursday to be a very big up-trending day.
NQ opened on Thursday and immediately rally, setting up for a bullish day. However the rally fizzled very quickly, nd then reversed down, trapping many buyers who eventually had to exit, causing huge sell-off that lasted all afternoon.
It was a bearish close, but with the stock market on deep oversold on the short-term intraday time frame, we could see a consolidation day on Friday.
Key support on the daily chart is 11,800 and should provide a very strong support level. If that is violated, we could see panic selling.
