For the last seven consecutive trading sessions, NQ has not been able to break above 7100, the 200-dma resistance, as it remained trading in a narrow range between 7000 support and 7100 key resistance, the 200-dma on the daily chart.
Until NQ can clearly break above 7100 and trigger some short-covering we would continue to see NQ either continuing to trade sideways below 7100 and above 7000, or drop back down to its 20-dma on the daily chart, 6950 level, before attempting to break above 7100.
Key intraday equilibrium price level for NQ on Monday will be 7060.
-- NQ is bullish above 7060 with upside target at 7100-7130. As long as NQ does not get too bullish on a break above 7100, it should drop back down to its equilibrium after rallying up to upside targets.
-- Dropping back below 7060 is bearish intraday, with first support at 7000, a level where NQ could rally back up towards it equilibrium price level. However should NQ become very bearish on and break below 7000 the next key support is 6950, its 20-dma on the daily chart.
