NQ traded in a very narrow range on Friday simply because there is no more buyers at this level. At the same time, there is also no sellers at this level simply because NQ is still trading above all the key moving averages such as the 20, 50, 100 and 200 dma on the daily chart.
Without any new buyers, unless of course the Fed and/or the PPT triggers massive buy programs, the market is going to continue to be choppy and narrow range, until it break below price level where algos can start selling.
Key support for NQ on Monday will be 7575.
-- Bullish bias above 7575
-- A break below 7575 could trigger some selling from intraday traders, with first support at 7536. NQ needs to break below 7536 to trigger more selling.
