NQ traded sideways on Friday closing just above key inflection price level for Monday, but still stuck inside a 100-point trading range between 3500 to 3600. As long as NQ continues to stay inside the range it should continue to be choppy.
However, a clear and sustained break out of the range could trigger a sustained trending move in the direction of the break, but until then looks for NQ to stay in a choppy mode.
Key inflection price level for NQ on Monday is 3545,
-- Trading above 3545 is bullish with the next resistance at 3580 then 3600.
-- Bearish below 3545 with first support coming in at 3515 and then 3500.
With the US$ on the verge of a massive collapse, a coordinated intervention by the Fed and the ECB on Thursday and Friday to push the US$ up delayed the US$ collapse, at least for now. The goal of the intervention is to push the Euro down to serve as a source of funding currency for the carry trade and avoid US market meltdown, at least that's the goal.
