NQ is bullish on the daily chart and the 60-minute chart, but as of Friday's closing NQ is in a consolidation mode on the 5-minute chart.
On the 5-minute chart, NQ may not have completed its consolidation pattern. If so, NQ would either continue to trade sideways or drop down further to support, the 200-moving average, before it continues to rally again, that is as long any pullback down move does not break below key support, the 200 ma.
On the other hand, if the 5-minute chart consolidation has ended, NQ should rally in the morning to the next upside target of between 6850-6900 before pulling back down.
Heavy earning reports begins on Monday, with many S&P 500 companies reporting their Q4 2018 earning, thus we could see some unexpected big moves, up or down.
The coming week will also see majority of the S&P 500 companies prevented from buying back their shares (see chart below), thus any big sell-off could get ugly quickly because so many companies would not be able to rescue the market by buying their own shares.
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