Monday’s trade again saw the NQ initially move higher reaching session highs at 13419 before again seeing the upside be rejected with a strong swing lower over the next 3 hours reaching session lows at 13120. There aren’t any changes to make to alternate view #1 or alternate view #2. It is again possible that the NQ finished the countertrend rally in progress since June 16th at today’s 13419 high. If this is the case, expectations would suggest a quick drop back below 13100 and 13000 to kick off the next leg down. Again, that would remain the case under both views 1 and 2.
Support and resistance for additional upside and downside moves are included.