On Monday NQ opened with a huge gap-down to below its 20-day moving average on the daily chart, then traded sideways all day , setting up for a choppy sideways day on Tuesday. Key intra-day price level for NQ on Tuesday will be at 14,580 resistance and 14,460 support.
Trading above 14,580 could trigger some buying that could help push NQ higher to 14,680 first resistance. Trading below 14,460 could trigger another big sell-off, with ultimate downside target at 13,800-14,100 strong support zone.
What I think is likely to happen the next several days, Tuesday and Wednesday, are choppy sideways type of days, trading below 14,800, then tank again on Thursday or Friday.
Having said that, anything is possible. If NQ started to rally up in a big way the next several days, we could see NQ re-testing the recent high or even higher high above 15,000.
