NQ opened with a gap-down then trend down most of the day with a late day profit-taking rally into the close, setting up potential morning rally into resistance, or a gap-up open and rally into resistance, and if resistance holds, it should then resume its downtrend.
However, if instead NQ opened below support we would likely see more decline as momentum algo sell programs kicked in.
Key resistance on Tuesday is 4070-4075, key support is 4035.
-- As long as 4070-75 resistance holds on any rally, NQ is likely to drop back down towards 4035 support. -- Breaking below support could attract another round of algo sell programs, next downside target is 4005 double-bottom support.
-- Breaking above 4075 could attract short-covering rally, next resistance above is 4100.
