The market rallied all day on Friday and into the close as traders closed their short position for the weekend, with NQ closing near the high of the day, and in overbought condition on the 5-minute chart. For Monday morning it is likely to pullback down into support before rallying back up again.
Key level for NQ in the morning is 3230.
-- Opening and staying above 3230 on Monday morning implies the morning trend is up, with upside target at 3260 area.
-- Below 3230 is an indication that NQ is going into a pullback-down mode before going back up again, with support at 3205 and then if the market is really bearish, strong support at 3185-3190.
Debt ceiling debate is still going to influence market movement, until it is settled, the market is going to stay choppy.
