Relentless buy programs triggered soon after the market opened on Monday clearly failed to attract any buyers into the equity market as NQ simply traded sideways after the early morning ramp up rally fizzled around noon, followed by a sharp selling near the close.
The current uptrend has clearly ran out of buyers except the Fed buying algorithm now beginning to get overwhelm by the forces of deflation. The equity market would welcome a much needed pullback selling before it can sustained a trending rally, as long as selling does not get out of control and break key support zones.
For Tuesday look for a choppy sideways consolidation price action to continue. Earning season is here and may increase volatility
