Another narrow-range choppy price action for NQ on Friday. With all the longer term algos still holding long positions with trailing stop-loss below support, NQ would need to break below longer term support such as the 20-day moving average on the daily chart to generate larger daily trading range..
Until NQ breaks below support and starts to run-over trailing stop-losses, the choppy narrow range pattern should continue because there are no more buyers at this level simply because everyone is already long.
With no longer term buyers and sellers involved, the market is just trading based on the short tem intraday traders, thus choppy narrow range action
Key inflection price level for NQ on Monday will be 7645.
-- Above 7645, upside target is higher high above Friday swing high.
-- Below 7645, downside target is 7625 support.
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