Thursday’s trade kicked up the pace to the upside which was in line with yesterday’s update. The NQ initially was being held at the hourly 200 MA during globex with the NQ putting in session lows at the opening. To say it was all uphill after that might be misleading, the markets did shrug off anything that might detour the plan with upside kicking in across the board.
The NQ did get back above 12000 and laid claim to 12100, 12200, and 12300. Even though I stretched my rules during the first hour the day was nicely profitable. For tomorrow, it is an options expiration, and the markets are closed on Monday.
Today’s trade saw a strong absence of sellers for 5 hours from 9 AM – 2 PM. Tomorrow could bring much of the same in which case another 350-point rally puts the NQ within spitting distance of 12550 to 12600. The absence of sellers does not mean capitulation has taken place. It is more logical the sellers want higher prices and when levels are reached that are trigger points it will most likely coincide with the end of the Minor wave 4 correction and the start of Minor wave 5 down.