The Nasdaq 100 (QQQQ) and the Russell 2000 (IWM) did not continue the pullback into Friday's expected turn date, but rather continued to new rally highs ending the week with a narrow range bar (smallest range for the last 7 days) for the Qs and a double top reversal from the June high for the IWM. Both of the markets appear setup for a pullback to the 50ema.
However, other major markets remained below the rally highs into Friday. The mixed condition makes it unclear if we will see a pullback or rather if the narrow range bar will lead to an acceleration breakout.
The best course of action is to wait and see how the markets develop this morning before making any trading decisions.
Gold has possibly found support at a two year trendline and may be ready to bounce for a few days. New lows or a test of Friday's low is likely.
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