NQ is currently in breakout mode on the daily chart after it broke above July swing high which has forced the shorts to cover and pushing NQ into a parabolic move up, often called a blow-off phase.
When it end we should see a sharp drop, but where it ends is anyone's guess. But NQ is now entering very overbought conditions and those long may starts to lightened up on their long position. Profit-taking activities may starts to set in soon.
Key inflection price level for NQ on Wednesday Morning will be 7660.
-- Trading above 7660 should keep short-covering activities alive.
-- A break below 7660 could force some profit-taking selling activities. If so, strong support is at 7600.
