Double-bottom support on the daily chart did not get violated on Friday as NQ simply traded sideways staying in a narrow trading range.
With the US presidential election just a few days away the Fed is likely to flood the financial system with massive liquidity to ensure the market rally big in order to help elect their puppet candidate Hillary Clinton. A trump victory could spell the end of the Fed and that a risk they cannot take.
It looks like the buy programs has already started on Sunday night and is likely to continue into Monday trading, and likely to results in a huge gap-up opening. With the stock market in deep oversold territory on Friday looks for massive rally on Monday unless of course some unexpected negative news for Hillary Clinton hit the newswire and deflationary forces overwhelm the Fed
Key price level for NQ on Monday will be 4700.
-- A break-back above 4700 could trigger profit-taking and short-covering activities likely to cause a huge up-day. Resistance are at 4740 and then 4760. Strong resistance zone is around 4800.
-- If the Fed is not able to keep NQ above 4700 look for NQ to remains under strong selling pressure.
