Another up day for NQ on Thursday but the momentum of the rally is slowing down as it approaches several layers of strong resistance, first at 14,280 then 14,400 and 14,500. Those resistances are going to bring in a lot of short-sellers, and how NQ reach as it rally into resistance is key to understanding the next major moves in NQ.
The Fed is going to continue to buy the market to keep the market up. However, heavy volume of options expiration on Friday may cause a lot of noise.
On the 5-minute chart, key inflection price level for NQ on Friday will be at 14,010 support and 14,130 resistance. Below 14,010, the next strong support is at 13,850.
