On Friday, NQ opened below prior day low (below Thursday low) triggering a very high probability of a large range trending breakout day.
Because the breakout is to the downside the trend should be down. And so it was on Friday as NQ trend-down most of the day except for the end of day profit-taking rally as traders balance their books for the weekend.
Going into Monday trading session, key NQ price level to watch is 7035
-- Opening and trading above 7035 is going to attract some short term intraday buying. If so resistances are 7100 then 7130.
-- Opening and trading below 7035 is going to attract selling, but NQ needs to break below Friday low to trigger major selling programs to tank the market.
With many traders taking Monday off for veterans day holiday weekend, there is a chance NQ could be a choppy day.
