-- NQ daily trend = down
-- NQ 60-minute trend = down
-- NQ 5-minute trend = down
On Monday, there is a 20% chance NQ would crash down to its 200-day moving average on the daily chart, now at 7300, and 80% change consolidating the huge Friday sell-off, the key is where it trades in relation to its intraday inflection price level.
The stock market sold off hard on Friday after China announced their new tariff on imports from the USA, then Trump lost it on twitter.
Desperate Trump is going to do a many stupid things that would trigger a real stock market crash simply because the world economy is already in recession.
Key intraday inflection price level for NQ on Monday will be 7500.
-- Trading above 7500 is an indication NQ is likely going to consolidate the huge decline on Friday before it tank again. If so, first resistance is 7550, then 7650.
-- Trading below 7500 is bearish and could trigger another round of liquidation selling, first support is 7300, the 200-dma on the daily chart, likely to break intraday.
