NQ traded sideways in a very choppy narrow range on Friday as most traders and investors are on their summer holidays.
NQ has been stuck mostly between 5870 support and 5920 resistance, unable to breakout out as buyers continues to battle sellers. As such, a sustained breakout of the range could cause a large trending move out of the range.
A successful sustained break to the downside below 5870 could cause a large liquidation drop as buyers bail out of their position. A successful break to the upside above 5920 could cause some short-covering rally, but with most already long the market, the rally is not going to be as powerful as a decline on a break to the downside.
For Monday, inflection price level remains at 5900, with resistance at 5920 and support at 5870
