On Monday after a brief early morning rally, NQ trend down all day and then closed near the low of the day, below key inflection price level, 11,700.
11,700 will continue to be key line-in-the-sand going forward. If NQ is not able to rally back above 11,700, it is a indication that the bear market has resumed.
Going forward, key level to watch is 11,400 support, a key support because a clear and sustained violation of 11,400 is a confirmation that the next down leg has started.
On the short term intraday time frame, key inflection price level for NQ on Tuesday will be at 11,630, bullish above, and bearish below it, next support is 11,400.
