Again on Friday, NQ traded sideways inside a consolidation range but remained in the upper section of the trading range 5335-5400.
With the FOMC very likely to raise interest rate at their meeting this week, look for the Fed buy programs to continue to push the stock market up ahead of the meeting just to ensure that traders and investors would not sell the market ahead of the release of their policy announcement on Wednesday.
Key inflection price level for NQ on Monday will be 5375.
-- If NQ can remains above 5375 it is likely to try to retest the previous high 5400, probably try to make a new higher high before profit-taking selling sets in.
-- Trading below 5375 implies continuing consolidation. If so the next support level is again 5360.
