The result of the French election where Macron beat Marine Le Pan as the number one candidate gave major central banks an excuse to intervene aggressively in the stock market, pushing all the major indices very much higher than its Friday close.
Their hope is to paint Macron beating Le Pen as a positive development. Whether or not they can hold the stock market up after the open on Monday it is very difficult to predict as it really depends on how much capital central banks are going to spend to keep the markets going up on Monday.
As of midnight New York time, NQ is still trading above prior record swing high 5480, and is a price level that will become crucial on Monday.
-- If NQ can stay above 5480, and if it can then trigger short-covering and new buying volume to overwhelm profit-taking selling, then NQ should continue to rally to higher highs.
-- If profit-taking selling and distribution selling would overwhelm the buying, we can expect a sharp selloff if 5480 should not hold.
