Another choppy sideways action for NQ on Tuesday, as the market is clearly being controlled by computer algos, pushing the market up and down inside a narrow trading range ahead of the decision on the debt ceiling. If the algos continues to rule the market, look for the market to continue trading sideways.
But at the end of the day on Tuesday NQ looks ready for a big decline to the next support level, 3200 and possibly to key support zone at 3187 area, with or without a gap-down open, as long as it can stay below 3225 key resistance area.
Staying above 3225, however, clearly negates the bearish setup, implies it is going to re-test last Friday swing high.
