With the momentum on the daily chart still in bearish mode, on Wednesday, buy programs failed to break above 4770 key resistance. NQ simply trade sideways on Wednesday. The battles between central banks and deflationary forces continues, with former Fed Chairman Ben Bernanke discussing negative interest rate policy in the US.
With the US dollar value on the line, and global central banks and companies fast unloading US dollar assets, going into negative interest rate may be the trigger to completely collapse the dollar and the entire global fiat money monetary system that has been in place since 1971.
Key price level for NQ on Thursday will be 4770 resistance.
-- Trading above 4770 will keep selling in check, NQ either rally or trade sideways above 4770.
-- NQ will be bearish below 4770, but selling is likely not going to be intense until NQ can break below 4700 support.
