NQ bounced off breakout support 16,300-16,450, and rallied aggressively, lasted all day long from the open until the closing bell.
The chart pattern of NQ and the S&P 500 are looking very bullish on the weekly chart and the daily chart. As such, I expect the 2021 swing high should be broken very soon. For NQ that high from 2021 was 17,500.
If the retest of the July 2023 high has ended we should see NQ breaking 17,500 in a very short time and it is not very far away.
Key support going forward will be at 16,300-16,450 price zone. As long as NQ remains above those support, it should continue to rally as short-seller panic cover.
On the short-term intraday time frame, NQ is in deep overbought by the end of the day on Monday on the 5-minute chart, as such it may need to consolidate sideways on Tuesday. If so, 16,600 is a good support level to target.
