NQ is currently stuck between its daily chart 50-ma support and 20-ma resistance. On Friday NQ traded down to 50-ma support in the morning and then spent the rest of the day allying back up to its 20-ma, now resistance.
Going into Monday trading session NQ key inflection price level is the 20-ma on the daily chart which is at 7380 for Monday trading.
-- NQ will have bullish bias above 7380 but would have to clearly break above 7420 to trigger heavier buying pressure.
-- Trading below 7380 is bearish but there is a very strong support at 7280, which is its 50-ma on the daily chart.
A clear break above 7420 implies the decline from August 9th swing high to August 15 swing low is just a corrective A-B-C wave, and an indication NQ is on its way to a new higher high above July swing high.
Failure to break above 7420 implies the decline is still in progress, and that the decline is not over.
