NQ daily chart is currently still in a strong down-trending mode but is now starting to get into oversold territory. It is likely to get into extreme oversold territory before we can see a large oversold rally/bounce.
Geometric (a-b-c 1:1) downside target on the daily chart is 7050 for NQ, and the next downside support is 7000. NQ is now already down over 50 points from the close, and likely to open with a huge gap down below Friday's close on Monday unless the PPT intervene aggressively overnight before Monday open.
On Friday NQ opened with a huge gap-down, then traded sideways all day into the close. The short term intraday inflection price level for NQ on Monday is at 7155, but should NQ opened with a huge gap-down below Friday low on Monday then Friday low will become key resistance price level and will act as key intraday line-in-the-sand.
Trump's trade war with China and now with Mexico is very bearish for the market, and it could crash the stock market unexpectedly.
