On Friday NQ opened with a gap-up above prior day high, then immediately reverse back down, breaking back below it 20-day moving average support on the daily chart, and closing below it, setting up a continual decline for Monday unless NQ can break back above the 20-dma which is at 7575.
Thus, unless NQ can break back above 7575, the target down is the 50-day moving average on the daily chart, which was at 7485 area as of Friday closing price.
The 50-dma has been providing support for a while now, thus any decline to it should continue to be bought. The equity market would needs to be very bearish to for it to break below it.
A break below it could cause a massive liquidation selling as trailing stop-loss for the long position gets hit
The FOMC will have their September policy meeting on Tuesday and Wednesday. There should be NO surprises as the Fed is set to raise interest rate again.
