On Monday NQ opened with a gap-up and forced a lot of shorts to cover, thus continued the rally that started on Friday afternoon. It started to look like it was going to trend up all day.
However, after most of the shorts has covered, buying was overwhelmed by selling forcing NQ to dropped down towards the open, a very unusual pattern. At the end of the day NQ looks bearish, a shooting start candlestick pattern on the daily chart,
Without rallying back above Monday swing high, we could see selling pressure accelerating. A break below key support on the intra-day 5-minute chart, at 12,400, we could see heavy selling.
