Friday was a pullback down-day for the major averages, an indication that the the market is in a pullback-down mode. Note that the current trend on the daily chart is up, and in an uptrend, pullback normally last 2 to 3 days, but in a very strong trend, and the current uptrend is still very strong, pullback may last only one day before the trend resumes.
Hence, Monday may either be another pullback-down day or a resumption of the current uptrend, and it will depends on where price actions are in relation to key price inflection level.
Price inflection level for ES is 1838, and for NQ is 3670
-- Below 1837 is an indication that ES will still want to go down to other support level, supports are 1830 then 1820 before rallying back up.
-- Above 1838 implies ES is ready to resume its uptrend, target is higher high, but first resistance is 1844.
-- For NQ, below 3670 is an indication NQ is still going further down to lower support levels, 3660 or 3640-45. before attempting to rally.
-- Rallying back up above 3670, or trading above 3670 is an indication NQ is already ready to make another higher high, with upside target at 3700, but it has to break through resistance levels 3685 before it can get to 3700..
