MNQ weekly update

MNQ is currently sitting at the 61.8% Fibonacci retracement level. Based on technical analysis, the bulls appear to be in control. There is a wide-spread bullish candle with above-average volume, and the price has bounced off the 40 EMA, which also acts as a confluence. This week will be a test of the 61.8% level, and it will be important to observe how the market reacts around this key area.