NQ managed to break out of its upper trading range resistance on Monday, thus triggered all day short-covering rally until the end of the day with just a small end of day profit-taking selling into the close.
On Monday, key line-in-the-sand will be at 13,940. NQ will be bullish above 13,940, with a higher high target above Friday's swing high, but a trading below 13,940 will be bearish, implies a decline to 13,860 key support.
Should it clearly break below that 13,860 price level, we could see a likely sharp sell-off down to 13,780-13,800 price zone.
