NQ Daily trend = Down but in a pullback-up mode as of Friday
NQ 60-minute trend = Up
NQ 5-minute trend = Up
On Friday NQ opened with a huge gap-up above key 7550 resistance, designed to trigger short-covering, which, after trading sideways for short while, rocketed up as the shorts got squeezed.
Without any longer-term timeframe buyers, NQ then simply trade sideways into the close. The close was right at key intraday line-in-the-sand, 7610, for trading on Monday.
For Monday, where NQ opens in relation to 7610 LIS will be very important.
-- Opening and staying above 7610 is bullish and may trigger more short-covering, next strong resistance is 7750, then 7800.
-- Opening below 7610 is an indication NQ is going into a pullback down mode intraday down to key support again at 7550. As long as 75509 holds, we should NQ rallying back up.
