-- NQ Daily trend = Down
-- NQ 60-minute trend = Down
-- NQ 5-minute trend = Down
The stock market sold off hard on Friday, with NQ dropping over 170 points from the day high. NQ managed to pull back up near the close where it closed at key inflection price level for Monday's trading.
The inflection price level for Monday is 7700.
-- Trading above 7700 may cause some short term algos to cover their shorts. If so, we can see NQ moving back up to resistances, 7740, then 7800.
-- If NQ should trade below 7700 on Monday we could see heavy selling, downside target is 7400, and it is not so far down.
