As expected, NQ broke out above resistance, triggered short-covering rally, trend up most of the day with a small profit-taking decline at the end of the day, closing just slightly below key inflection level for Tuesday, 2730.
If we are going to get another trending up day on Tuesday then it should trade above 2730 area. However, a sustained break below 2730 implies it is going into consolidation.
If we are going to get another trending up day on Tuesday then it should trade above 2730 area. However, a sustained break below 2730 implies it is going into consolidation.
- Above 2730 implies another uptrend, targeting 2760 - 2770.
- Below 2730 implies consolidation type of day, with the first target down 2720-2715.
With so much money-printing by the ECB and the Fed, crude oil price continues to rally.
