A massive short-cover rally on Friday, whatever the cause may be, pushed NQ back up into key resistance on the daily chart, the 50-day moving average, a critical level going forward, to break or not to break
A sustained break above has the potential to cause more short-covering rally, and of course, failure to break would cause a massive sell-off again, back to test the recent low.
On the 5-min chart, at the end of the day on Friday NQ was in overbought on the 5-min timeframe, and may pullback down on Monday.
If so, we could see a sideways consolidation day on Monday with key support zone between 11, 010 to 11,050.
If 11,00 or so support can hold, we should see another rally day on Tuesday.
If on the other hand, sellers came back in a massive way, we could see another liquidation day on Tuesday.
