Friday was the fifth day of sideways consolidation trading pattern as NQ finally consolidated the non-stop, albeit, slow rally since the breakout above November 2014 swing high.
The current consolidation phase could either be a setup for the next up-leg or a prelude to a larger pullback. Whatever it may be, Monday's key inflection price level will be 4450.
-- Trading above 4450 is an indication NQ is likely going to another higher high, above the recent high.
-- Inability to clearly break above 4450 implies either more sideways consolidation as long as NQ can stay above 4430. Breaking below 4430 could attract some algo sell programs, with the next lower support at 4415.
Port Strikes and market collapses
