NQ continue to trade sideways towards the end of 2020, and remained in the bullish zone on the daily chart timeframe.
The line-in-the-sand for NQ going into 2021 is at 12,200 price level. As long as any pullback for currently overbought condition on the daily chart does not violate 12,200 key support, the longertern trend is still UP.
This is important because the election result from the US senate run-off in Georgia on Tuesday could cause the market to go into high volatility condition, thus 12,200 price level remains as key technical level, now acting as key support (LIS)
On the short-term intraday 5-minute timeframe, key line-in-the-sand for NQ on Monday will be at 12,840. The two major factors influencing the market action starting on Monday will be the Georgia senate run-off election and profit-taking activities by those holding huge profitable long position.
Anything is possible, but it could be choppy until after Tuesday's senate election in Georgia
