NQ simply traded sideways on Tuesday, stuck between 4700 support and 4740 resistance. The momentum on the daily chart is still negative and is setting up for the next liquidation drop. Whether or not it will happen on Wednesday will depend on where it trades in relation to the 4700-4740 trading range.
Key support for NQ on Wednesday will be 4700.
-- As long as NQ can stay above 4700 selling should remains under control, and NQ either trade sideways or rally.
-- A sustained break below 4700 is bearish, but NQ would need to break below Friday low to run over stop losses and trigger liquidation selloff.
