Following a sharp 2-day selloff last week, Monday was the second pullback-up day for NQ. A one or two days consolidation following sharp selling is normal in a free market, and it should then be followed by a resumption of sharp selling.
But we do not have a free market any longer, as the markets are highly controlled by central banks, as such, anything is possible. The market can selloff as usual, or it could rally in a big way if central banks spends enough capital to push the market up.
On a short term timeframe, key price levels for NQ on Tuesday will be 4760 support and 4800 resistance.
-- If NQ can rally up to 4800 resistance but then failed to clearly break above 4800 it could attract enough sellers to push NQ back down to 4600 support where it could bounce of it or crash through it.
-- A clear and sustained break below 4760 could trigger a lot of selling activities. If so the next lower support is 4700.
