On Thursday, after pulling back down to support in the morning NQ rallied back up in a choppy manner but eventually breaking through resistance before pulling back down to re-test broken double-top resistance now support.
Key price level on Friday will be 5775-5783 support zone.
-- If NQ can remain above 5775 on Friday NQ should rally back up to at least retest Thursday high. Breaking above Thursday swing high could either catapult NQ up to 5860 resistance or reverse back down to support again as Friday tends to be a choppy type of day.
The stock market is going through a topping process that should soon ends and then begin its bear market.
The chart below reveals how peaks in the Money Supply to Savings ratio for the U.S. economy regularly are associated with the end of crack-up booms (bull market in stocks) and the onset of deflationary bust (bear market in stocks).
