A huge rally for NQ on Friday as it bounced off it double-bottom support at 10,760 area. The bounce too off key resistance at 112,080, which on Monday would be a good inflection price level to watch.
If NQ can stay above 11,080, it has the potential to trigger more shoprt-covering which then could cause a continual rally to the next resistance at 11,270 and 11,400. Strong resistance will be at 11,500.
If NQ should break back below 10,760 support, it would imply the counter-trtend oversold bounce has ended, and the downtrend has resumed.
On the daily chart, NQ is still showing a pattern of consolidation prior to crashing down below 10,760 support and then crashes below the October low.
