Trade Guideline for Tuesday (NQ)

The market tank in the morning on Monday after the S&P put the US credit rating out to negative. However, NQ managed to regain most of the early morning selloff and closed above the opening gap-down level.

For Tuesday, I will use 2275 as my Line-in-the-Sand Level, bullish above, bearish below.

• Below 2275 I will look for NQ to test Monday's low, then if that support level does not hold, the next support level is 2235.
• Above 2275, first upside target is Friday's closing price, a critical resistance level to watch, as a sustained break above could cause a short-squeeze that can take price up to 2320 then 2330.