For the current rally that started on December 24th 2018, on the daily chart NQ is in its wave 5 up, its final wave up, and when it ends, we could expect a larger decline, a multi-day decline.
NQ is now in overbought condition on the daily chart and the 60-minute chart, thus the rally has started to get choppy and narrow range, with sharp pullback down to support before rallying back up again.
On Monday, NQ rallied up to higher high above Friday high before reversing back down to support, and then rallying back up in the afternoon.
On the 5-minute intraday time frame, support going into Tuesday morning trading will be at 7345.
-- Trading above 7345 at the open on Tuesday is an indication NQ is likely to rally to another higher high above Monday swing high before pulling back down to support. Resistances are 7400 and 7480.
-- Trading below 7345 at the open is an indication NQ is going to trend down in the morning, with key support at 7330. A clear break below 7330 could cause a quick decline to lower supports, first lower support at 7270.
