NQ continued to remain above key support on Monday thus continue to trend up in a very choppy action.. This type of pattern will continue util we can get a decent pullback down move, runo0ver trailing stop-losses, and then and trap the short-sellers.
At the current price level, everyone who wants to be in the market has already bought, the current buying power is coming mostly from those covering their short position, the uptrend is lacking momentum.
Key support on Tuesday will be at 12,530. Choppy above, but could have a sharp decline on a sustained break below it
NQ is currently in overbought zone on the daily time-frame and the 60-minute time-frame. As such. could set up sharp unexpected selling.
