On Friday, NQ traded sideways as usual, and as expected. Then the end of day plus the end of the week profit-taking (buying activities) sent NQ rocketing up from oversold level, rallied about 300 NQ points from the day low into the close.
The end of day rally puts NQ into overbought zone on the 5-min chart, thus, likely to have a pullback down to support in the morning on Monday before resuming the rally, that is a long as support hold on any pullback down move. Next key resistance is 13,050. A clear break above 13,050 could rocket NQ up to 13,150, then 13,300
If however, NQ should decisively/clearl;y drop below key support, around 12,820 zone on any pullabck decline move on Monday, then that implies a change in trend from up to down. If so the next key support is again, 12,700, a break below 12,700 is very bearish.
