Daily uptrend remained intact as the stock market continued to rally on Friday in its usual choppy narrow range pattern as the only buyer in town is the Fed. Most investors are either already long or are already short the market.
Central banks will continue to create money out of thin air in order to keep the market up, until the whole paper money collapses. Until then the stock market may just continue to melt up.
NQ support going into Monday will be 4710.
-- Staying above 4710 is an indication the uptrend is continuing without a pullback. The next upside target is a break above Friday swing high.
-- Breaking back below 4710 implies NQ is in a pullback down mode. The next support is 4700. It would take a bearish news for NQ to clearly break below 4700 price level.
Major bearish divergence between S&P500 and earnings, and something will have to give, sooner or later.
