On Tuesday NQ traded sideways but after a sharp morning rally, trend down and closed at the low of the day at key support price level, the 50-day moving average and previous swing high now support, at 11,050.
11,050 is a very important support, key line-in-the-sand going forward.
-- A break below is likely to trigger an avalanche of selling as the longs get liquidated, next support are 10,300 and 8900 - 9700 zone.
-- If NQ can stay above 11,050, we could see a relief rally but needs to break above 11,200 to trigger some short-covering.
