After the morning rally on Friday the market sold-off hard into the close, down to double-bottom support, 2979. Where it opens on Monday in relation to its key price level will determine the bull-bear bias.
For Monday 2979 will be a key level to watch for.
-- Trailing stop-losses for those holding long position lies just below double-bottom 2979 area. A clear break below 2979 or a big gap-down below 2979 has the potential to trigger a long-covering liquidation sell-off as stop-losses gets hit.
-- However, above 2979 implies the longs are safe, and NQ is going into a rally mode back up to resistance, with first resistance at 2996 - 3000, which is the previous support, now resistance.
