Nasdaq continued to trade sideways inside a narrow trading range on Monday unable to break above resistance, a possible topping price action.
On Monday the US House of Representative voted to suspend the debt ceiling, opening the door for massive unrestricted money-printing and the beginning of the end of the US dollar. How it affect the equity market in the short-run depends on whether or not the suspension has been factored in to the market. If so, the market may have topped and it should then start to reverse back down. If not, we should see more rally in the short-run.
Key Support For Tuesday is 2730.
-- Still bullish above 2730 with target between R1 and Breakout Level.
-- Bearish below 2730 with supports and targets at 2720 then 2705.
