Another open with a gap-up above prior day high for NQ on Monday, which as N then forced the shorts to cover. It was an up day but a sideways up day as NQ is just starting to bump into overhead resistance (20-day moving average) on the daily chart, and is starting to get overbought on the short-term time frame.
As such we could see some pullabck coming very soon as Monday was the fourth rally day from the recent low.
Key resistance on Tuesday will be 12,900-13,000. If NQ is not able to push above 13,000 price level we can see profit-taking and sellers coming to sell and could tank NQ back down.
Key support is 12,680.
