NQ traded sideways in a very narrow range all day on Monday until the end of the day when Netflix reported its earning. Netflix plunged over 13 percent on Monday, certain to drag the stock market with it on Tuesday
Waver 5 up on the 60-minute chart has ended, it may now go into reverse or A-B-C wave down before rallying to retest the high.
Key inflection price level for NQ on Tuesday will be 7380
-- Bearish below with supports at 7317 and then 7290. 7290 is a key support as there would be massive algorithm selling on a break below 7290.
-- Should the Fed buying algorithm managed to push NQ back up above 7390 NQ is likely to retest the high.
