NQ daily trend = UP.
NQ 60-minute trend = UP
NQ 5-minute trend = UP
NQ rally continued on Friday, with a close near the high of the day and in overbought zone on the 5-minute timeframe. As such, we could see some pullbacks in the morning on Monday.
Key support zone for NQ pullback, if any, in the morning is 8690-8700
-- As long as NQ decline does not break below 8690, we should see NQ rally to the next strong resistance, the double-top level at 8975.
-- If the open, as suggested by Globex trading price level on Sunday night, is above Friday's swing high, first support will be Friday high. If NQ can stay above Friday high on any pullback, we will likely see a trending breakout day on Monday. If so, we could see a break above double-top high of 8875.
-- If NQ should trade below 8690 on Monday we could see heavy selling. Strong support remains at 50-ma on the daily chart.
