On Tuesday NQ traded sideways all day on Tuesday bouncing off the 200-ma on the 5-minute chart. The current uptrend on the daily chart that started from the December low is starting to lose momentum and may be ready to sell-off hard.
There are several layers of supports that is still holding the uptrend up. Should it starts to break we could see a cascade of selling. Key support going forward is 7100, then 7090 and 7080
On the intraday time frame, inflection price level for NQ on Wednesday will be 7125.
-- NQ should continue to rally above 7125, next upside target is a higher high above Monday's swing high..
-- Trading below 7125 is bearish but strong support zone are at 7080-7100. Should NQ starts to trade below 7080, selling could overwhelm buying and tank the market hard. Next support is 7000
