Short-covering rally conti9nued on Monday with a gap-down open that rallied into the end of the day, with just a small profit0taking decline near the close.
Key intraday line in the sand for NQ on Tuesday will be at 9300.
-- If NQ should trade below 9300 when the market opens on Tuesday we could see more profit-taking with key support at 9200, the 200-ma on the 5-minute chart.
-- Opening above 9300, or trading back above 9300 should trigger more short-covering rally. If so the next upside target will be at 9200.
At the end of the day on Monday, NQ was in overbought condition both on the 60-minute timeframe and the daily timeframe, and could cause larger pullback decline on Tuesday before rallying back up again..
