NQ opened gap-down below multiple support levels on Monday, then ran down for 20 minutes, down to 2545 Point-of-Control support before stalling and reversing back up to broken-support-turned resistance 2590 before it stalled.
For Tuesday we can expect consolidation with trading range between 2545 support and 2590 resistance, unless price can breakout and stay out above key resistance or break down and stay down below key support level.
Key Resistance = 2590. Resistance levels above 2590 are 2610, 2620, 2630
Price breaking above key resistance has the potential to trigger a short-covering rally, targeting 2610 - 2620.
Key Support = 2545.
Breaking below 2545 support can cause another round of liquidation decline. Support levels below 2545 are 2537, 2517, 2505.
NQ daily chart
