The market opened with a gap-down and ran down to support on Wednesday and quickly get pushed back up by the Fed buy programs, running over stop-losses, closing at the high of the day, a positive momentum at the close.
Therefore, on Thursday morning, it should be followed by a gap-up open and run-up, or gap-up and reverse down. In the event of a gap-up open, key price level to watch after the open is the opening price level.
Key inflection price level going into tomorrow is 3700 for NQ, and 1868 for ES
-- Bullish above 1868 for ES, and above 3700 for NQ with ADR upside target of 3730.
-- Bearish below 1868 for S, and below 3700 for NQ with NQ ADR downside target at 3656.
As the military conflict in Ukraine between the US and Russia intensifies, the market can get very volatile, with panic selling at times than will be countered by the Fed buy programs.
Gold is sky-rocketing ahead of the Sunday referendum by the Crimean region of Ukraine.
