The equity market closed in positive territory on Friday. NQ bounced off a combination of strong supports including the 200-day moving average on the daily chart (chart below) and the prior swing high from July 2019 swing high, now acting as support.
Key to intraday pattern on Monday will be the degree of intervention by world central banks, and where the market trades in relation to its key intraday price inflection level.
For NQ key price inflection level intraday Monday will be at 8400.
-- Above 8400 we could see NQ rallying to key intraday resistance at 8500-8550.
-- a sustained break above 8550 could trigger profit-taking and short-covering rally, with next upside target at 8800.
-- Trading below 8400 in the morning could trigger another round of massive liquidation selling, with first target down at Friday's swing low.
