Nasdaq continued to slowly push higher with Friday high just below double top with January 3 swing high 2747 area. A break above double-top would either rocket up if it can trigger short-covering, or reverses back shown sharply (false-breakout) if it does not have enough momentum to trigger a short-covering activities.
Key Level to watch for on Monday is 2730.
-- Above 2730 implies it should continue to push higher with first resistance at 2747.
-- A clear and sustained break below 2730 implies a retracement of the rally that started on January 8 at 2700. Supports are 2715 and 2710.
Currency War Continues To Intensify
The Japanese yen fell to the lowest level in more than two years on prospects Japanese Prime Minister Shinzo Abe will select a central bank chief who will expand monetary easing efforts to accelerate the currency’s decline.
