As usual, a sideways trading pattern for NQ on Friday, with a gap-up open and a downtrend in the morning that was then followed by a rally in the afternoon with a close near the high of the day.
The rally momentum on the daily chart is getting very slow and with the rally in overbought condition. NQ would need to pullback down substantially to get more buyers to come back into the market.to reignite the rally. Until then we may continue to see slow choppy narrow range rally.
Key support price level for NQ going into Monday trading will be 7130.
-- Above 7130 NQ would remain in a bullish mode on Monday with the next upside target is a break above Friday swing high with normal trending target at 7190, and could pushes high if the market becomes very bullish
-- Trading below 7130 is bearish and could attract some selling with the next lower support at 7110. If that happens to break, the next lower support is 7040
