Keep in mind that Friday tends to be a bullish day. In addition, the Fed buyers will want to hold the market up going into the weekend and into the new year, and they are going to spend whatever amount of money it takes to keep the market up, so unless the market breaks down below certain key support level, the trend is up.
Short-term key support level is 3475.
-- Staying above 3475 keeps NQ in a bullish mode. If so I will be looking for an up day or a sideways consolidation pattern on Friday.
-- A clear and sustained break below 3475 is bearish, looking for it to drop down to supports, first support at 3455 then 3430.
The Fed's current trade is to Sell Gold - Buy Equities - The smart thing to do is to continue to follow the Fed. At some point, however, any manipulated market will revert to its mean - the trades will get reversed, and then we must reverse our trades accordingly.
The Fed's current trade is to Sell Gold - Buy Equities - The smart thing to do is to continue to follow the Fed. At some point, however, any manipulated market will revert to its mean - the trades will get reversed, and then we must reverse our trades accordingly.
