A narrow range, sideways day on Friday with a bearish close. On the daily chart and on the 60-min chart, the set-up is bearish.
However, for the sell-off to happen, both the Dow and the S&P 500 has to participate in the sell-off. As of Friday close, both the S&P 500 and the Dow are sitting at key support level, A break below will be bearish, failure to break will be bullish.
Key linein-the-sand for NQ on Monday will be at 11,970. NQ is bearish below it but it would need to break below 11,840 to run over trailing stop-losses.
At the close on Friday NQ was in very oversold zone on the intra-day 5-minute time-frame, and could cause some consolidation in the morning before trending back down.
If oversold bounce should break above 11,970 we could see NQ to continue to rally higher.
