NQ dropped down to support on the daily chart on Friday, 2850, before reversing back up and closed in the middle of the range. Friday was the third consecutive down days, so unless the trend down is extremely strong NQ should stay above 2850 support, and pullback up to resistance, 2905-2910 area before going back down again to continue the downtrend.
Although not expected, a clear and sustained break above 2910 could trigger a short-covering rally, back up to re-test 3000 resistance zone.
On the other hand, a clear and sustained break below Friday low implies the current decline is a very powerful one. If so, NQ is heading straight down to lower support before pulling back up, the next downside target is 2800 support.
Gold continued to stay in sell mode, with a large gap-down and sold-off hard into 1290 support on Thursday, stayed above 1290 support on Friday.
How much bounce should we see from 1290 support only time will tell. Key resistance is now 1350 area. Failure to bounce sharply above 1290 would attract aggressive selling which can take gold price down to lower support levels, 1240 and 1180
