With major global central banks, the ECB, PBOC, BOJ and the Fed embarking on fresh money-printing binge, and with most of the newly minted money going into the purchase of stocks because there is no more bonds to buy, the markets are all exploding to the upside.
How far will the central banks be able to push the market up without causing a loss in confidence in central banking, there is no way to know, only time will tell, but for now, all markets are in an uptrend blow-off mode. When it ends, the snap-back reversal could be really fast.
For now, key support for NQ on Monday will be 4590.
-- As long as NQ does not clearl;y violate 4590 support, look for fast move rally to continue. Next target is above July swing high.
-- Breaking below 4590 could trigger stop-loss sell programs, if so next support is 4550.
