Monday’s trade was strong to the upside.  The buyers returned from the opening and basically pushed the NQ back above 15000 and 15100.  The Preferred view remains the same in that the NQ remains tracing out an Intermediate wave 2 (a-b-c) bounce.  Thus far wave A is complete with wave B possibly still in progress. Friday’s low may have completed the entire “b” wave or the first leg of wave “b”.  If the highs remain below 15268 allow for a turn and drop to the area of Friday’s lows down to 14200 this then would complete wave “c” of B” and set the stage for wave “C” of Intermediate 2 to begin.

Second scenario takes over on a break 15268 with follow through.  This would suggest that Friday’s lows completed wave “B” of Intermediate wave 2, with wave “C” well underway.  Resistance for wave “C” comes in at 15613, 15888, 16156 to 16553.

Third scenario takes over on a break above 16768. This would suggest that the low at 12943 was the completion point for an Intermediate wave A, which then suggests that NQ is rallying in an irregular “B” wave.  Resistance to complete the irregular “B” wave comes in at 17051 and then 17600 to 17940.

None of the scenarios presented change the long term outlook.  Basically it just delays the ultimate outcome for a month or more.  There is no reason not to trade them.  There will be multitudes of trades to do in options and futures and for day traders, swing traders, position traders and everything in between.