Now that the summer holidays are over and most market participants are back at work going forward we could see a much more trending market. For NQ below 12,000 we could see NQ continue to drop without a big pullback until it breaks below June swing low.
For NQ, key inflection price level on the daily chart is at 12,200. Trading above 12,200 should keep NQ from sharp sell-off. However, trading below 12,200 is going to put a lot of pressure on the bulls and if enough bulls capitulate we could see heavy selling.
On the intraday basis, key inflection price level for NQ on Tuesday will be at 12,150, with first resistance at 12,280, and first support at 12,000
