NQ was again very choppy and narrow range on Monday as many longer term algos continue to stay long, thus it was left to short-term intraday algos to move the market. Without longer-term buyers and sellers, NQ can continue to slowly trade higher.
Key intraday price level for NQ on Tuesday will be 7610
-- IF NQ does not break below 7610 on Tuesday, it is going to rally to higher high above Monday high, with the next upside target is 7650. However, should the Fed triggers buy programs, we could see NQ rally to much higher level.
-- Trading back below 7610 target a decline down to its first support level, 7590. Should that breaks, we could see a quick drop to 7536 key support level.
