A narrow-range day for NQ on Monday. NQ opened with a gap-down but the Fed/PPT buy programs continued and is likely to continue for a while.
The rally momentum is very slow simply because there is no more buyers except the Fed/PPT, as everyone is already long the market.
The big risk is the Hong Kong dollar peg. If they ran out of foreign reserves to defend the peg, the peg will break.A break could cause a global stock market crash. Until then, all major indices is in buy mode on the daily timeframe.
On the intraday timeframe, key NQ line0in-the-sand for Tuesday will be at 9580.
-- If NQ can trade above 9580 on Tuesday it could continue to trend up, perhaps in a slow choppy fashion.
-- Trading below 9580 could cause a round of liquidation selling with 9500 as key support. There will be a lot of buyers waiting there, thus NQ would need to clearly break below 9500 to trigger a bearish day. with next lower support at 9350 area.
Protest continue on, and can affect the market
