On Monday, NQ traded sideways in a narrow range consolidation pattern, setting up a rally day or a selloff day, depending on where NQ trades on Tuesday in relation to its key inflection price level.
Key inflection price level for NQ on Tuesday will be at 7450. NQ close above 7450 on Monday
-- If NQ can stay above 7450 on Tuesday it could trigger a rally, with key resistance at 7500-7505 zone. A break above could trigger short squeeze, with the next resistance at 7560.
-- Breaking back below 7450 is bearish, but 7400 is a strong support zone.
On the 60-minute chart, NQ has a 5-wave decline from the high, it may now be ready to go for an a-b-c wave retracement up.
