On Friday NQ opened right at its 20-day moving average on the daily chart, and immediately bounce off it to test resistance before pulling back down and trade sideways all day into the close.
The sideways action is setting up a potentially large trending move away from the 200-ma on the 5-minute chart, the direction will depends on where it trades oin relation to its 200-ma on the 5-minute chart.
Key price level (L-I-S) for NQ on Monday will be at 14,980, bullish above it and bearish below it.
The pattern on the 60-minute chart and the daily chart is bullish, indicating that the next trending move is up. Thus if NQ can open and stay above its key line-n-the-sand 14,980, we could see a big rally on Monday with the next upside target at 15,170-15,200 price zone.
Breaking below 14,980 could trigger selling, with first target at 14,800
