On Monday NQ opened with a huge gap-up above key line-in-the-sand. After a quick pullback down to support, it then rallied all morning and into lunch before consolidating the huge morning rally, spending the rest of the day trading sideways..
NQ is now in between resistance at 13,280, and support at 13,100. It may trade inside the range for a while before breaking out of the 13,100-13,280 trading range.
At the end of the day on Monday NQ looks set to trend back up again. However, it may need to pullback down to 13,100 support before rallying back up again.
There is a good chance that 13,100 support may not hold on Tuesday. If so, we can see a resumption of a sharp downtrend. If support hold, we could see another rally day on Tuesday.
