The market opened and tank all day on Friday, closing near the low. NQ 60-minute chart is currently displaying a clear bearish head and shoulder pattern with downside target 2570. However, there are several support zones on the way down that we need to watch out for as they could cause a bounce or reversed the decline.
For Monday, key level is about 2705.
- Below 2705 implies NQ is in a fast mode down, targeting the next support 2670. On a very strong down move, it can trigger selling algorithm that can take price much further down before pausing.
- Above 2705 implies the down move is in a pause mode, upside target 2710-2720.
