A usual for Friday, NQ traded sideways in a vary narrow range, closing slightly above key inflection price level, 6305 for Monday.
The setup for Monday morning is for a rally, as long as NQ remains above 6305 by the opening bell. If so, the next upside target is 6360, but first resistance is at 6345. It needs a lot of short-covering and large buy programs from the Fed to get through 6346 resistance and then to 6160 target before possibly pulling back down.
However, should NQ trade back down by the opening bell on Monday it could trigger algorithm selling tha6t could push NQ back down to lower support level, first support at 6275.
The so-called "Trump Rally" was fuelled by the strengthening Chinese currency, the Yuan against the US dollar. It has now started to weakened against the US dollar, setting up a fast stock market decline for the US market.
