On Monday NQ finally consolidate after three consecutive down day, an indication that this current down-move is very strong.
The bounce from Friday low was from its 50-day moving average on the daily chart. As such we should see 2 to 3 days on consolidation before trending back down again and then breaking below its 50-DMA.
However, due to the nature of the current decline, it is still possible that Tuesday will be another trending down day.
Key inflection price level for NQ on Tuesday will be at 19,940, bullish above, with upside target at 230,100-20,200
Bearish below 19,840, downside target at 19,700, with potential support at 19,780 and 19,850
