After a huge opening gap-down on Friday NQ spent most of the day rallying up into key resistance, the 20-day moving average on the daily chart. Once it got to the 20-ma resistance, sellers sold the market hard, tanking NQ back down to below early morning low, and closed there.
The end of day low was just above oversold level, and may need to rally back up in the morning before dropping back down again.
However, should the rally breaks above 200-ma on the 5-min chart, we could see NQ going back up to retest Friday's swing high, 7800
Key inflection price level for NQ on Monday is 200-ma on the 5-minute chart, 7660
-- Above 7660 implies bullish bias, updise target is Friday high, 7800.
-- Below 7660 is bearish, first downside target/support is 7400, s strong support zone.
On Friday Trump sign historic stimulus package deal
