On Tuesday NQ traded sideways in a consolidation pattern, consolidating the huge rally on Monday. NQ should resume its rally to the next resistance on Wednesday. To do so, NQ would need to break back above 13,610, and then push higher to trigger short-covering abd buying activities.
However, should NQ trade below 13,540 key support, we could see a sell-off. The problem with Archegos Capital could negatively affect the stock market. Thus, we must always be nimble and always be aware of potential black swan event.
