Friday was the third rally day in a row. For NQ the high of the day on Friday was at double-top resistance with December 13 swing high.
With stop-losses congregating just above the double-top swing high of 12,300 we could see an aggressive push above the high to trigger a short-covering spikes.
On Monday and going forward 12,300 will be a major line-in-the-sand for so many major algorithms. If NQ should break above 12,300 and continue to push higher, we could see a major short-covering spike to the next resistance at 12,500 but strong resistance is not until 12,800..
If NQ should pullback down from overbought condition, first support is at 12,050.
