Massive intervention by the Fed and the ECB in the Gold, Silver and Crude Oil market (pushing prices down) in order to mask their massive currency injection (some reports indicating $712.4 billion) to support the collapsing European banks. Unless they can continue to whack gold, silver and crude oil, their price could easily bounce back up in a very strong way.
NQ opened near the day high and closed near the day low, clearly a pullback or a reversal day. How it trades on Thursday would depends on where it trades in relation to key price level, 2630 for Thursday.
- Above 2630 implies pullback is completed and it is ready for the next leg up, target 2640, then 2645-2650.
- Below 2630 implies it is still in a pullback mode, target 2600-2605.
European protest now spread to Spain.
