Another down day for NQ on Monday, the third down day in a row for NQ. The uptrend momentum on the daily chart is slowing down, with NQ still trading above its 20-DMA support, now at 4440 area.
Breaking below its 20-DMA implies a potentially larger pullback down to its next logical downside target at its 50-DMA. However, another critical support that can stall its downside move is its 200-DMA, now hovering around 4390-4400.
Short term key inflection price level for NQ will be 4475.
-- Trading below 4475 would put more selling pressure on NQ, with first and critical support at 4440. A break below 4440 could trigger major algo sell programs, next support will be 4390-4400.
-- Staying above 4475 would relieve selling pressure but NQ would need to get back above 4500 to trigger some short-covering rally.
European Banks, particularly Deutsche Bank and Credit Suisse, continues to crash
