A narrow-range choppy day for NQ on Friday. With inflation expectation getting more mainstream which is beginning to forced the Fed into reducing their QE level, and the government running out of money, the market is starting to top, many may be forced to liquidate their stocks holding to pay their bills, we could start to see market selling off.
Key price level for NQ will be its 20-dma on the daily chart, 14,920. A break is likely to trigger heavy selling. Staying above it would imply more chops and more narrow range days.
For Monday key inflection price level will be at 15,100, bullish above it, bearish below it, with key support at 15,040, second support is at 14,920, 20-dma on the daily chart., should that level get violated, the next lower support is not until 14,450, its 50-dma on the daily chart.
