Relentless overnight buy programs designed to panic the shorts right at the open, in order to trigger a short-covering rally, gaped-open NQ up to above Friday's swing high, but it failed to trigger any major short-covering as NQ failed to clearly breakout above the triple-top high. Eventually sellers came in and sold, taking NQ down to below early morning low, then traded sideways into the close.
Now that there was some kind of agreement on Greeks debt repayment situation, Tuesday is either a rally day or a sell-off day depending on where it trades in relation to its key price level.
Key price level for NQ on Tuesday will be Monday's high 4553.
-- Trading below 4553 has the potential to attract enough short-sellers to tank NQ down to below 4530 support. Breaking below 4530 could trigger longs liquidation, next support 4505 and then 4470.
-- NQ needs to clearly break above 4553 and then stay above 4553 to trigger another round of short-covering.
