A second day consolidation for the Japanese yen and another bounce day for the crude oil helped kept selling pressure in the stock market in check. NQ traded sideways to up on Thursday in a choppy narrow range type of day.
The pattern of choppy up trending type of days should continue as long as crude oil continues to rally and yen continues to consolidate or pullback down. Again, key driver of the stock market would remains the price of crude oil and Japanese yen.
Short-term intraday support for NQ on Friday will be 4735.
-- Trading above 4735 is an indication NQ may continue to rally with the next upside target of a break above Monday's swing high. With Friday tending to be choppy, a break above Monday high could attract some profit-taking selling.
-- Trading back below 4735 implies potential decline down to the next support level at 3700.
First it was the Bank of Japan that first launched helicopter money, then on Thursday the UK central bank has cut borrowing costs, boosted its QE scheme, and committed an extra £100bn to encourage banks to lend and promised to do more if needed. The next to officially announce more money printing is the Fed.
