A sharp selloff in the equity market on Friday as capital continued to flee the US dollar assets, stocks and bonds, in anticipation of a sustained decline of the US dollar.
With major support for NQ sill quite a bit lower, not until 6600, the stage is set for another round of liquidation decline, with or without a consolidation day.
On the short term intraday timeframe however, key price level to watch for on Monday will be 6820.
-- If NQ can stay above 6820 profit-taking activities could NQ from collapsing, should trigger a sideways consolidation pattern.
-- Selling could come back if NQ remains below 6820.
