The market opened with a gap-down and then rallied up to key inflection price level, but failed to break above hence attracted algorithm sell program that tanked the market down to make another lower low, down-trending day.
For NQ Monday was the third day down, and for ES it was the 2nd day down.Whether or not Tuesday is going to be another down day or pullback consolidation day would depends on whether or not they can take out their respective key resistance.
Key inflection price for NQ on Tuesday is 3500, and for ES it will be 1840.
-- Above inflection price we could see the market rallying up to key resistance, 3550 for NQ and 1860 for ES.
-- Failure to break clear above key resistance should attract another round of algorithm sell programs, and likely to make another down-trending day targeting lower low below Monday low.
Key support for ES is 1830.
-- A clear break below 1830 could attract major momentum algorithm sell programs that could tank ES all the way down to the next support 1785
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