NQ traded sideways in a narrow range on Friday even after a very dismal job report, an indication the US economy is really in bad shape. The media, analysts and the Fed brushed it off, an indication of a market top. The economy lost 33,000 jobs last month for the first time in 7 years.
But, with the market still in extreme bullish mode it will take some time before selling can overwhelmed the buyers.For Monday, NQ is still in a buy mode on both the daily timeframe and the 60-minute timeframe.
For Monday, the key inflection price level is at 6060, support at 6040 and resistance at 6070.
-- Trading above 6070 has the potential to trigger some short-covering rally.
-- Trading below 6070 is either going to cause a sideways consolidation price action or a pullback-down day.
