Again NQ opened with a huge gap-up and then sold off hard again. However, unlike last Friday, On Tuesday NQ crashed below key support but end of day profit-taking bounced NQ back up to close at key balance level, setting up a rally or a decline on Tuesday
The current NQ uptrend on the daily chart has lost most of its upside momentum and ready to crash down hard. The only thing still holding it up is the 20-day moving average on the daily chart. A break below could quickly tank NQ down hart, but remaining above the 20-dma implies more choppy and slow rally.
Key inflection price level for NQ for Tuesday trading will be 7135
-- Bearish bias below 7135 with first support at 7100. Then if that does not hold the decline, the next support is 7050. A clear break below 7050 should trigger a sharp multi-days decline
-- If NQ should open and stay above 7135 on Tuesday we could see another rally but likely very narrow range and choppy.
