NQ continued to consolidate and traded sideways on Tuesday following large down days on Friday and Monday.
However, with the daily trend still down, NQ looks ready to resume its downtrend on Wednesday. and the key nuance to watch for on Wednesday will be the opening price.
Key price levels to watch on Wednesday will be 6820 support and 6910 resistance.
-- If NQ happens to open below 6820 and stays below 6820, look for a very large liquidation drop as stop-losses for those holding long position residing just below 6820 get run-over.
-- Opening inside Tuesday trading range is an indication NQ could go either way, as inflection price level is at 6865.
