NQ traded sideways in a narrow-range sideways consolidation pattern on Monday. Normally after one day of consolidation, the trend, which in this current case is up, should resume after just one pullback day. Failure to do so is an indication the market is going to pullback deeper, for 2 to 3 days before resuming the trend.
As such, if the short-covering squeeze is still alive NQ should rally again on Tuesday. If so the resistances we should be watching are 12,000, 12,100 and 12,200, prior lows now resistances.
Key support is at 11,700. Trading below 11,700 could tank NQ down to 11,400 support
