NQ daily trend is UP
NQ 60-minute trend is still up above 7800.
NQ 5-minute trend is down below 7850
On Monday NQ opened below the intraday line-in-the-sand 7850, as such took another leg down on the 60-min chart.
NQ then spent rest of the day trading just above the 60-minute 50-ma support, and closed at the 50-ma support, setting up either a rally up to 7850 on Tuesday or another leg down on the 60-min chart. The key is where NQ opens on Tuesday in relation to Tuesday L-I-S which will be 7800.
-- If NQ opens above 7800 we could see a quick rally up to 7850, which should act as strong resistance.
-- If NQ opens and trade below 7800 we could see a sharp selling with the next support at 7720
