A choppy sideways narrow range trading action for NQ on Monday, trading just above key support of 6300.
As long as NQ can stay above 6300 selling should remains subdued. However, should 6300 breaks, an avalanche of sell orders could trigger a quick drop down to the next major support at about 6240 where buyers may come back in the cause a bounce.
The current stock market breath is deteriorating fast, and market selloff can come at anytime now. A classic Dow Theory bearish divergence scenario, where Dow Industrial new high is not confirmed by Dow Transport, a bearish scenario that has been developing for a while, and it just need a trigger or no trigger to get the selling going.
Dow Theory
