On Friday morning, after dropping down to support provided by previous swing highs in October and November last year, plus a 1:1 drive down from February swing high, NQ rallied in a massive way from buying activities at support and end of the week profit-taking.
NQ rallied up to just below formidable resistance from 12,750-12,810, and failure to clearly break above those resistance is going to attract a new wave of selling. If so, NQ could retest the low again.
For Monday trading, key line-in-the-sand for NQ is 12,500. If NQ can stay above 12,500, we could see NQ breaking above Friday high. Should NQ trade below 12,500, we should see a lower low below Friday low.
