NQ retested 5400-5405 support twice on Monday, one soon after the opening bell and the next one was in late afternoon. In both cases, NQ bounced very sharply from support, thus keeping short-sellers at bay, and keeping NQ in neutral to bullish mode.
Both the Dow and the S&P 500 are currently sitting just above their respective 20-DMA. Should their respective 20-DMA breaks, selling could get intense, and likely to drag down NQ with them.
5400 would continue to be a critical support for NQ on Tuesday.
-- As long as 5400 support is not clearly violated, NQ should remain in a neutral to bullish mode as short sellers and sellers remain inactive.
-- A clear and sustained break below 5400 is likely to trigger some selling, next support is 5480 followed by 5465.
