On Friday NQ found support at the 50-day moving average on the daily chart, and then rallied very sharply. However, the rally was short-lived as sellers came back in aggressively dropping NQ back down towards the day low where it closed.
Unless NQ can break back above 7500, then Friday's price action was just a consolidation before it break below its key 50-dma support. If so, a break is likely to cause a cascade of selling with longer term target down at its 200-day moving average
For Monday support is at 7400 and resistance is at 7500. A break either way could cause a large trending move in the direction of the break.
