All the three major indices, the Dow, the S&P500 and Nasdaq all made a new high on Thursday. After making a new high with the usual Fed buy program in the morning NQ again as usual traded sideways for the rest of the day.
The pattern of morning buy programs followed by sideways trading action for the rest of the day should continue for a while longer simply because the Fed needs to create an illusion that the economy is doing well. However, the real economy is doing badly with global deflation forces continuing to accelerates, European banks, the German banks, the Italian banks, the Spanish banks, the French banks, are all collapsing. Deutsche bank on the verge of total collapse.
Even with the world central banks printing at least $200 a month to buy stocks, bonds, real estates, etc, the forces of global deflation is accelerating and would soon lead to a total of the current paper money monetary system if money printing activities continues.
NQ support going into Friday will be 4795.
-- Above 4795 is an indication buy programs is going to try to push NQ to above Thursday swing high before profit-taking pullback.
-- Below 4795 implies a potential pullback day.
