A large opening gap-down and trend down day for NQ on Friday. With the market now in oversold conditions on the daily chart, the market may consolidate and trade sideways or rally on Monday. However, failure to consolidate is an indication the market is in extreme selling momentum mode.
Key inflection price level for NQ on Monday will be 4550.
-- Trading above 4550 is bullish, first resistance is 4580 then 4600.
-- Trading below 4550 is bearish but it needs to trade below 4530 to trigger another rounds of intense algo selling, with next support at 4500.
Price of crude oil will remains key to market direction.
