NQ continued to trade sideways on Tuesday, the fourth day in a row, but staying above key support level at 5332. Going forward as long as NQ remains above 5332 NQ either continues to trade sideways or rally back up again.
A clear break below 5332 could run over trailing stop losses that is likely to take NQ down to the next support level, 5315 then 5307.
The federal debt limit, which was suspended by Congress and the president in November 2015, is set to be reinstated on March 16, 2017. At that point, the government’s outstanding debt would immediately bump up against the new debt limit of about $20.1 trillion, and the Treasury Department would be forced to take “extraordinary measures” to ensure the smooth functioning of the federal government’s finances.
