Last Friday with NQ opening gap-down to complete its pullback, a clear and sustained break above key 2535 level at about 10:30 am eastern confirmed that pullback mode has ended and the next leg up is in progress.
NQ trend-up and closed near the day high just below Thursday's swing high. With Spain's agreement this weekend to the 100 billion euros bailout for its bankrupt banks the US markets may open gap-up on Monday.
For NQ, Key Inflection Level for Monday is 2550, with key resistance at 2570.
- Above 2550 is bullish. A sustained break above 2570 or a gap-up above 2570 could trigger a fast short-covering rally, targeting a move up to 2600 - 2620.
- Below 2550 implies it going back into consolidation mode before breaking out above 2570 key resistance. Key support is Friday's swing low.
