With most traders out of the office on Friday and ahead of major central bankers weekend conference in Jackson Hole, Wyoming, the stock market traded simply sideways on Friday.
NQ has now been stuck between 20-DMA moving average on its daily chart acting as resistance and its 50-DMA moving average on its daily chart acting as support for over two weeks.
On Monday key price level for NQ will be the 20-DMA resistance is at 5870 and 50-DMA support at 5820.
-- A sustained break out of the range will cause a fast trending move in the direction of the break.
-- A false breakout will lead to a fast reversal.
-- Staying inside the 5820-5870 price range implies more sideways action.
The current bias on the daily timeframe is BEARISH, and looks ready to break below 5820 price support, but we shall see where it trades in relation to the key price levels on Monday.
