As expected, NQ opened and trend-down to 2700 support in the Morning on Friday before reversing back up and rallied up to just below 2725 resistance.
NQ is currently stuck inside a narrow trading range between 2700 support and 2725 resistance ( 2700-2725 range). A breakout of the range could trigger a fast trending move in the direction of the break.
For Monday key level is still 2715.
-- Above 2715 is bullish but 2725 has been acting as a very strong resistance. It needs a clear and sustained break above 2725 to trigger another rounds of short-covering rally, with 2750 as the next upside target.
-- Below 2715 implies a bearish bias, with strong support at 2700. A clear and sustained break below 2700 could start to run-over trailing stoploss, triggering liquidation decline, with the next support at 2680 and then 2655.
Upper Value Area = 2715.25
POC = 2712.25
Lower Value Area = 2706.25
