The stock market traded sideways in a narrow-range consolidation pattern on Thursday, with NQ staying above its key support price level, 4300, for the second day in a row.
The major indices are now beginning to bump against strong overhead resistance, so the current sideways consolidation pattern may be just a setup before a break above resistance, or a consolidation before a larger pullback-down move sets in.
Key inflection price level for NQ on Friday will be 4315.
-- NQ will be bullish above 4315 and the next resistance is 4400.
-- Trading below 4315 is an indication NQ is still in a pullback mode, next support is at 4300, then 4270.
Many top world banks are now in deep trouble, with many banks such as Deutsch Bank, is on the verge of bankruptcy. Here is a chart of Citibank
