Key NQ daily trend support on Monday is 8700
-- Daily uptrend continues above 8700
-- Daily uptrend will be in a 2 to 3 days pullback down move below 8700, downside target is 8300
As usual, the market traded sideways on Friday, traded down to support in the morning, then rallied up from support back to just below morning high and close just below morning high.
If NQ can stay above 200-ma on the 5-minute chart on Monday it is an indication the daily trend is still up, clearly trading below the 200-ma on the 5-inute chart indicates that NQ is in a 2 to 3 days pullback down move.
On Monday, key intraday line-in-he-sand for NQ will be at 8770
-- Bullish above it
-- Bearish below it with key support at the 200-ma on the 5-minute chart. A clear break below the 200-ma could trigger profit-taking decline down to 8300
