The Fed/PPT managed to trigger a break above the key 20-day moving average on the daily chart on Friday, which caused many of the shorts to cover, rocketing NQ up in the early morning on Friday.
However, because there is NO other buyers except the Fed, after all the shorts that wish to cover have finished covering, NQ then simply chopped all day in a very narrow range most of the day on Friday.
Going forward, their next goal is to engineer a break above the next key price level, the 50-day moving average on the daily chart, which as of the close on Friday was at 7535. Whether or not they can break through right away we just have to see, but that is the next upside target.
For Monday, depending on where NQ opens on Monday, we could see a either a pullback down move towards the 200-ma on the 5-min chart, or another engineered rally towards the 50-dma on the daily chart.
Key intraday inflection price level for NQ on Monday will be 7420
-- Trading below 7420 is an indication NQ is still in pullback down mode on the 5-min chart. If so, there is a strong support at 7340, the there is the 200-ma on the 5-min chart as the next lower support level.
-- If NQ should trade above Friday swing high on Monday, there is a possibility of another up-trending day. However, without any buyers, we could also see a false break above Friday high that get reversed back down
