The stock market including NQ traded sideways on Friday in a very narrow range, setting up for the next large trending down day, unless central planners is willing to intervene aggressively in the stock market.
And also, with the pro-globalist forces losing the referendum in Italy the stage is set for a return to protectionist policy all over the world, which will be very deflationary, thus adding fuel to an already accelerating deflationary forces.
Key price level for NQ for Monday will be 4700.
-- As long as NQ remains above 4700 selling should remains under control, NQ either trade sideways or rally, with resistance at 4760 then 4800.
-- A clear and sustained break below 4700 is likely to attract a lot of selling, next support at 4650 triply bottom then 4600.
