On Monday after a brief morning rally soon after the open NQ reversed and drifted down eventually broken below the key 200-ma on the 5-minute chart.
On the 5-minute timeframe, NQ was in deep oversold as of the close on Monday, setting up a possible short-term rally at the open on Tuesday but then the daily chart traders should soon come back to sell, with key daily chart support at the 20-dma 8330.
A break below 8330 is bearish on the daily timeframe and could attract heavy selling, with the next lower target at 8100. However there are several supports that could temporarily stop the decline.
