Multiple market indices including the ES and NQ are now hitting their respective resistance levels. Given the slow and low volume nature of the rally since mid-December 2011, the market either rocket up through resistance levels and take out all the stops, or pullback down to support before rallying up again and break through resistance. But key support needs to hold on any pullback if the market is going to rally again to new highs.
For Friday, NQ inflection point / mid congestion zone is 2370.
- Above 2370 implies it is going to the next upside target of 2400 area.
- Below 2370 implies more consolidation down to 2360, or a larger pullback below 2360 to the next support level of 2340-2345.
European Debt crisis Continues
