Nasdaq NQ is clearly struggling to break above 3800 price level. With no more shorts to cover and no more new buyers to help push the market higher, as the only buyer left is just the Federal Reserve, the market usually gets sold off each time it makes a higher high.
Going forward, the pattern of breaking out to higher-high followed by a selloff may continue unless NQ can clearly break above 3800 and then stay above 3800.
Key support for Monday is 3785.
-- If NQ stays above 3785 in the morning we should see a higher-high above Friday's swing high before pulling back down.
-- Trading below 3785 may attract some algo sell programs but it would probably have to clearly break below 3775 to trigger serious algo sell programs. If so support that has the potential to bounce NQ back up is at 3550-3555 area. However, should 3750-55 breaks the next strong support is at 3730
