The stock market sold off hard on Friday, the excuse is the Corona Virus outbreak that started in China. The extreme overbought stock market may be ready to pullback down to fair value level.
For NQ the current fair value is at 8000, and NQ is now at just above 9100 at the close on Friday, which means that NQ would have to drop down at least 1000 points just to get to fair value zone.
The futures market has now traded over 100 points for NQ on Sunday evening. Unless the Fed is willing to inject a much bigger liquidity into the market on Monday we can see the stock market to crash and continue to selloff on Monday.
Key short-term intraday price level for Monday will be at around 9165.
-- If NQ should somehow open above 916 we could see more rally, with the first resistance at 9210.
-- Below 9165, supports are 9090, then 9020-9030 zone, then 9000
