Buy programs continued to hit the major wall street banks shares pushing the Dow and the S&P 500 into new highs on Friday. NQ simply traded sideways in a very narrow range.
Going forward, buying algorithm should continued to buy the major banks stocks, so we can expect to see the Dow and the S&P 500 to make new highs on a regular daily basis. But make no mistakes, this spectacular rally should soon be followed by a spectacular crash. The only question is when?
NQ continued to be dragged up. Key support zone for NQ on Monday will be 4870-4880 price zone.
-- If NQ can stay above 4870 it should continue to rally as selling should remains under control.
-- A clear break below 4870 is an indication that NQ may have to drop down to the next lower support level, 4840, before resuming its uptrend.
Government Bond selloff continues. The yield on both the 10-year and 30-year treasuries bond have risen over 1% since July, and is accelerating, a very bearish omen for the stock market, a prelude for a spectacular crash.
