On Tuesday NQ opened with a gap-up, but inside prior day trading range, setting up a sideways consolidation pattern.
After closing the opening gap in the morning NQ rallied and then spent the rest of the day trading sideways.
NQ is now sandwiched between its daily chart now acting as resistance, the 20-dma and support at its 50-dma on the daily chart, (7200).
Key price level on Tuesday will be 7200 support and 7320 resistance.
-- NQ would need to break above 7320 resistance to attract more short-covering.
-- Below 7320 NQ will remain vulnerable to heavy selling.
-- However, NQ would need to break below 7200 to trigger heavy algos selling. If so the next strong support is not until 7000.
On Tuesday Apple earning helps prevents another day of heavy selling
