Another large up-trending day for NQ on Thursday as buy programs continued for the third day in a row. NQ bumped into a double-top resistance on Thursday, setting up either a consolidation before a break above double-top, or a breakout without any consolidation.
With the stock market totally controlled by central banks we should not be surprised if they will push the stock market higher without a pause or consolidation. With most traders out of the office on Friday it would be very easy for the buyers to push the market higher.
Thus, key price level for NQ on Friday be the double-top resistance on the daily chart, around 5992 area.
-- Failure to clearly break above 5992 could cause profit-taking pullback, first support is 5950.
-- Clearly breaking above 5992 could trigger some short covering rally.
