NQ is currently in a downtrend on the daily chart. Going into Monday trading session, as long as NQ rally remains below 4345 (March contract) the trend on the daily chart will remain in a down trend.
Breaking above 4345 will terminate the current downtrend, and will cause NQ to go into a pullback-up mode or a reversal in trend from down to up.
Heading into Monday trading session, the short-term 5-min key inflection price level will be 4300.
-- Potentially bullish for NQ if trading above 4300, next resistance is 4325, then 4345.
-- Trading below 4300 is an indication NQ downtrend on the daily chart is still in progress, next target is a break below Friday low. A sustained break below Friday low could set up another round of algo sell programs, next support level is 4250 then 4200.
Key to stock market direction on Monday will be the price of crude oil, which currently is trying to break below prior swing low of about $44 per barrel.
