With most traders and investors betting against the Euro, short-euro and Euro denominated assets and long-US$ and dollar denominated assets going into the ECB policy decision announcement last Thursday, betting that the ECB will increase their QE monthly amount because the ECB Draghi has been saying so, were disappointed and crushed when Draghi failed to live up to his promise.
Euro rallied and dollar tank crushing a lot of people's bank account, triggering global market selloff. The Fed and the ECB partially rescued them on Friday with their massive and relentless buy programs that lasted the whole Friday. Whether or not that was enough to get the bull market going again we just have to wait and see going forward. But unless they can stop the trend reversal in the US$ and Euro, the stage is set for a major unwinding of the Euro/Dollar carry trade that will crush the markets.
Key price level for NQ on Monday will be 4660.
-- Bullish above
-- Bearish below
Very important market to watch will be the crude oil market with $40 price level as key price level to watch for. Trading below $40 per barrel will be bearish for the stock market
