On Monday NQ opened with a gap-up but immediately began selling off sharply in the morning before bouncing off 4485 support, and rallying back up to above key inflection price level 4525.
After trading sideways in the afternoon above 4525, NQ came down to close just below 4525 key inflection price level, setting up either a rally, sell-off or just sideways movement just like on Monday, depending on where it trades in relation to key support and resistance.
Key inflection price level for NQ on Tuesday will be 4525, key support is 4585 and key resistance is 4540.
-- Trading above 4525 is bullish but it needs to break and stay above 4540 to trend upward.
-- Trading below 4525 is generally bearish for Tuesday but it needs to break and stay below 4485 to trend down.
-- Trading inside the 4485 to 4540 price range is an indication NQ may continue to chop sideways inside the range.
