As expected, below 2745 NQ would be in consolidation mode, as it did all day on Thursday. Key inflection level for Friday is 2735.
- Above 2735 implies the next up-leg is in progress. A sustained break above 2735 could trigger another short-covering rally, targeting 2755-2760.
- Below 2735 implies NQ is still in a consolidation/pullback mode, with key support at 2715. A clear and sustained break below 2715 could cause a fast liquidation decline as trailing stop-loss gets triggered.
Here is a chart of inflation in the US since 1800.
Here is the link to the accompanying article:
