Following a large trending down day on Friday, NQ traded sideways in a consolidation pattern on Monday, setting up another large range trending down day, and it could happen on Tuesday, that is, as long a NQ does not re-break back up above key resistance level, 7420.
NQ closed near its upper trading range on Monday, 7375 resistance, 7292 support (7292-7375)
-- If NQ should trade above 7375 resistance on Tuesday, it could quickly spike up to 7420 key resistance.
-- Trading below 7292 support could trigger another round of selling. There is support at 7240
-- Trading inside the 7292-7375 trading range implies more chops, sideways trading action.
