NQ opened with a gap-up above key 200-ma on the 5-minute chart, no doubt the PPT was intervening in the market as Boeing shares tanked hard overnight Sunday nigh, after the Ethiopian Airline Boeing 738 Maxx 8 aircraft fatal crashed, the second Boeing 737 Max 8 crash since Ryanair Boeing 737 Max 8 crashed just a few month ago.
With non-stop buy programs, the market continue to rally all day, helped by short-covering. There was no pullback, as NQ continued to rally all day long, closing at the high of the day, setting up a high probability gap-up reversal down day on Tuesday
Key intraday inflection price level for NQ going into Tuesday trading will be at 7180 (June contract).
-- With a high probability of a choppy consolidation day following a large trending up day, a break back below 7180 is a clear indication that NQ is in consolidation mode. If so, the first support is 7140. then 7110.
-- Although a low probability, if NQ can stay above 7180 it could continue to rally to break above the recent swing high, 7240 June contract before profit-taking tank NQ back down, or short covering rocket NQ upward to higher level.
