On Friday NQ rallied sharply in the morning, but then traded sideways in the afternoon, closing above key line-in-the-sand price level for Monday. The line-in-the-sand level is 15,070.
If NQ should open above 15,070, it would be bullish and would stay in a bullish mode as long any pullbacks remains above it 50-ma on the 5-minute chart.
A break below it on any pullback is an indication NQ rally has ended and that it is going into a pull-back down mode with the first downside target at its 200-ma on the 5-minute chart.
