NQ trend down all day on Friday with several pullback along the way down. It was a very large down day with NQ dropping down to oversold zone on the 5-minute chart at the end of the day..
With NQ bouncing off from the oversold low at the end of the day, it is possible that NQ could continue its bounce in the morning before resuming the downtrend, that is, as long as the pullback bounce does not break back above key inflection price level, which on Monday will be at 13,000-13,050 zone.
Breaking back above 13,050 is an indication that NQ is likely to continue to rally up to 13,175-13,250 zone.
On the other hand, if NQ should drop below 12,800 we could see massive liquidation decline, with the next downside support at 12,390 then 12,000.
