The stock market has a major rally on Friday. NQ opened and rally non-stop on Friday breaking out above February swing high and closed above February swing, making Friday a key breakout day.
Thus going forward, Friday June 05 daily candle is now key day, a key breakout day.
-- With stop-losses now congregating below Friday June 05 swing low, the rally is going to continue as long as NQ continues to trade above June 05 low. If enough shorts decides to cover as NQ continues to push higher, we could see a major spike rally above February swing high.
-- B break-back below Friday low will trigger a cascade of stop-and-reverse selling that can tank NQ very hard.
On intraday timeframe, key intraday inflection price level is at 9820.
-- NQ is in pullback down mode below 9820, with support at about 9735
-- Bullish above 0820, but NQ is in wave 5 on the 5-minute timeframe and may be ready to pullback down at anytime.
