On Thursday NQ opened with a gap-down, then quickly reversed back up. Then on Friday, it opened with an gap-up, then reversed back down, closing near the low of the day, a mirror image of Thursday pattern, in the opposite direction.
For Monday where it opens in relation to key price level, 2860, will determine the type of pattern we are going to get for NQ.
1). Opening below 2860 could cause a trending down day, breaking below support zones. Supports are 2833-2837, 2822-2825..
2). Opening below 2860 could imply a reversal-up day if support levels hold.
3). Opening above, or a break above 2860 implies an up day targeting a break above last Friday swing high. A sustained break above 22874.25 could trigger a short-covering trending up day, but failure to clearly break above would cause a reversal back down to 2860.
