NQ Daily Trend = Down
NQ 60-minute Trend = Down = Oversold
NQ 5-minute Trend = Down = Oversold
On Monday, NQ opened with a huge gap-down which was then followed by a huge trend down, over 300-pointd lower from last Friday's closing price. All nasdaq 100 stocks were trading down on Monday.
NQ futures has already dropped down to 7250, the key 200--dma on the daily chart in after hours trading. 7250 will be crucial support level for NQ on Tuesday.
If the algos buying activities at the 200-dma can halt the decline, around the 7250 price zone, we could see a sideways consolidation or even a sharp rally on Tuesday. A clear break below 7250 could crash the stock market -- are we going to see black Tuesday?
Key intraday inflection price level for NQ on Tuesday is 7420
-- We could see a small profit-taking rally if NQ can stay above7420 on Tuesday
-- Bearish below 7420, with the next major support at 7250, the 200-dma on the daily chart
