Driven by the Fed unrelenting buy programs designed to cause massive market rally going into the Christmas holidays, Friday was another rally day for NQ making it the third up day in a row for.
Whether or not NQ needs a consolidation on Monday before rocketing back up again would depend on where it trades in relation to key price inflection level on Monday morning.
Key price inflection level for NQ on Monday is 4285.
-- Above 4285 is an indication NQ is continuing its fast move up without a consolidation, next resistance is 4320 then 4340. With many stoplosses residing just above 4340 area, buyers would be more than happy to break above 4340 area before taking profit that can cause a pullback or a reversal
-- Below 4285 implies NQ is going into a consolidation mode before resuming its uptrend, as long as any decline does not violated key support.4220. Support zones below 4285 are 4260 and 4240.
