NQ Daily Chart = UP - in overbought zone
NQ 60-minute Trend = UP
NQ 5-minute Trend = UP but in pullback down mode at the end of the day on Friday
On Friday NQ opened above resistance, then rallied to the next higher resistance before trading sideways he rest of the day.
With traders and investors waiting for the FOMC announcement on Wednesday we could see NQ continuing to trade sideways. However, the Fed may decide to continue to push the stock market higher, thus be on the lookout for price levels.
On Monday key intraday 5-minute chart inflection price level will be 8030.
-- If NQ should trade above 8030 in the morning on Monday we could see NQ rallying to another higher-high before pulling back down.
-- Trading below 8030 on Monday is an indication NQ want to drop down to support, 7990, a strong support. If that 7990 support hold we could see NQ rallying back up to a new higher-high above Friday high before pulling back down.
-- 7990 is a very strong support level. Should it get violated we should see NQ dropping down to lower support, at 7945.
