Another upday, another higher high in NQ and ES on Thursday as shorts continued to get sqeezed by the Fed buy programs ahead of the long weekend (the market will be closed on Monday).
By the end of the day on Thursday most shorts have covered so unless the Fed continues to buy, the market may be ready to pullbackdown or consolidate on Friday.
Key price level to watch for on Friday will be 1824 for ES and 3650 for NQ.
-- Rally will continue above 1824 for Es and above 3650 for NQ.
-- Consolidation or downtrend below key level, ES supports are 1818, 1810, for NQ supports are 1835, 1825, 1815.
Gold has now broken above key resistance 1300, with the next resistance at 1320 and 1350. If the Fed gold suppression team fails to push gold back down below 1300 gold can explodes upward very quicky as the shorts get runover.
Watch 1300 as key price level for now.
