NQ opened with a huge gap-up on Monday, like as a result of short-sellers covering their short because President Trump told the Fed to cut interest rate immediately. Many shorts might have panicked and cover ahead of the potential interest rate cut by the Fed. Remember the last time President trump told the fed to stop raising interest rate? The stopped raising interest rates. Using that ass a precedent, it is very possible the Fed would just cut rate before the next FOMC meeting just to please Mr. Trump
It was a breakout rally day for NQ on Monday, and it is usually followed the next trading day by a choppy sideways consolidation day, and the key confirmation of a choppy day is a break below its key intraday support, which on Tuesday will be at 7490.
-- Trading below 7490 implies a choppy day, a range-bound day, with first support at 7440, then lower support at 7400.
-- Trading above 7490 on Tuesday implies another potential trending up day, that is, as long as it can stay above Monday swing high.
