On Friday, the market opened with a gap-up and pushed up above key resistance at 12,250 for NQ, which forced the shorts to cover. NQ quickly spiked to just below the next resistance before trading sideways until into the closing period.
NQ intraday resistance for Monday is at 12,500 and support at 12,125.. Above 12,500 should trigger more short-covering with the next higher resistance levels at 12,700 and then 12,800. Trading below 12,125 support could tank NQ down to 11,700 support.
Staying inside the 12,125-12,500 trading range would imply a sideways consolidation pattern.
