On Friday NQ opened with a gap-down and then trend down most of the day. End of day profit-taking activities helped pushed NQ back up a bit.
NQ low on Friday was at key 20-moving average on the daily chart, setting up some rally on Monday if NQ remains above 20-ma, or tank if NQ break below its 20-ma on the daily chart which at Friday closing was at 7390.
On the 5-minute timeframe, key price level for NQ on Monday will be 7440 resistance.
-- Failure to break back above 7440 will attract some selling with key support at 7390.
-- A break below 7390 on Monday is likely to trigger heavy selling, if so, NQ could tank very quickly down to the next support level, .7270.
Equity futures market is trading in the red in overnight trading session, blamed on Turkish contagion.
