NQ continued to trade sideways and last Friday trading session was no different, as NQ traded sideways in a narrow trading range between 4800 support and 4855 resistance. In the meantime, bearish divergence on the daily chart is getting more and more obvious.
Key price levels for NQ on Monday will be 4855 resistance.
-- A clear and sustained break above 4855 is likely to keep selling at bay. However, failure to break and or stay above 4855 is likely to attract some selling.
-- Staying below 4855 could attract some selling, but strong support remains at 4800. The market would need to be really bearish to break below 4800 support.
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