On Friday, just like on Thursday, NQ again bounce off the key 50-day moving average on the daily chart, after breaking below it, as buyers continues to buy the 50-dma at 7500 price level.
NQ would need to close below the 50-dma for the major algos to change their bias from buying the dip to selling rallies. So far, NQ has not closed below the 50-dma on the daily chart.
Thus it is still very possible for NQ to either continue to rally on Monday if it trades above key intraday inflection price level, which for Monday will be at 7580
Trading back below 7580 will be bearish intraday. If so, key support is again at 7500, the 50-dma on the daily chart.
