The stock market is in a topping pattern which started in March, normally lasting six month before the market can trend down in a sustainable way. Until then the market should continue to seesaw up and down inside a range that should get wider and wider with time.
On Thursday the market trend down in the morning, then central banks buying hit the market and pushed the market back up into the close. This type of price action should continue for the next three months, morning selling should be met with heavy buying activities by lunch and into the close.
Tomorrow is Friday, and the usual Friday patterns is a non-trending sideways consolidation pattern as traders balances their books for the weekend.
Key price level for Friday will be again be 5665.
-- If NQ remains above 5665 at the open on Friday look for NQ to rally to a new high before pulling back down on profit-taking.
--Trading back below 5665 is an indication NQ is going back down to retest Thursday morning low. As long as the market internals is not in extreme bearish mode NQ should then rally back up to 5665 price level.
The Fed Gets another Reason to Raise Rates in June, Inflation at the Producers level is up.
