On Monday NQ opened with a gap-up, above intra-day inflection price level, in the bullish mode. After pulling back down to test supports, NQ slowly rally up in a choppy pattern, finally closing just slightly above the 200-ma on the 5-minute chart.
The 200-ma on the 5-minute chart, 7585, will be the key line-in-the-sand for NQ on Tuesday.
-- Trading above 7585 implies NQ is likely going higher, first resistance is at 7650. Failure to break above 7650 is going to attract heavy selling on Tuesday or on Wednesday.
-- Trading below 7585 is bearish for NQ on Tuesday, an indication NQ may resume its downtrend without further pullback rally.
Trump tweet about trade war with China could turn the market around in an instant, so watch out for it.
