On Friday NQ traded down and broke below double-bottom support with June low, and closed below June swing low.
Many longer term algos will wait for two consecutive close below the prior swing low before exiting their long positions, but many shorter-term traders may be liquidated unless they are able to top up their margin call.
Key line-in-the-sand for NQ on Monday will be at June swing low , 11,140, bullish above, and bearish below it.
If NQ is not able to rally back above 11,140 and then stay above 11,140 we could see a real big crash. There is NO strong support until 9,500, prior swing high from February 2020 swing high.
