A bearish close for NQ on Friday. With Monday market closing for the Martin Luther King holiday we would have to wait for Tuesday's opening to decide on trend direction of the day.
Key price level and now still acting as resistance is 12,930. With NQ currently trading around 12,930 price level during globex session on Monday night, where it opens and trade on Tuesday morning will determine the direction of the trend of the day for Tuesday.
If NQ opens and stay above 12,930 it would turned NQ bias from bearish to bullish. However, should NQ not able to stay above 12,930, we could see NQ dropping back down towards Friday's low.
If that breaks there is some support around 12,600 zone, but if the market is bearish, it could easily drop down to 12,400.
Watch USD index and 10-year treasury yield for market direction indicator. USD has been rising which is bearish for the market, and bond 10-year treasury yield rising, also bearish for the market.
10-year treasury yield has broken above downtrend line, will be bearish for the market unless it drop back down
