A gap-up opening above key 2465 level on Monday was an indication that the fast mode downtrend has ended, and consolidation is to be expected, which was what happened on Monday as NQ traded sideways inside a trading range between 2443 - 2480.
For Tuesday key level is 2460.
- Above 2460 is bullish and NQ may try to break out above the upper range, and if successful, it is likely to trigger a short-covering rally, targeting 2500 - 2520 area.
- Below 2460 implies it is going to re-test Monday's low. Breaking and staying below Monday swing could trigger another round of Sell Programs.
BIS warns global lending contracting at fastest pace since 2008 Lehman crisis (Telegraph).
