After trending down all week, Friday was a time to take profit. Profit-taking by the shorts triggered a very large and very sharp rally, back up to prior swing low turned resistance at around 14,800 before pulling back down to support.
Whether Friday was a one-day bounce or the start of multi-days bounce, we shall see where NQ would trade on Monday. Key inflection price zone would be around 14,700.
Trading back below 14,700 is an indication that NQ downtrend is resuming. Staying above 14,700 implies continue rally or just a sideways consolidation.
