A large gap-down open on Tuesday was followed by a normal sideways consolidation price action for the rest of day, closing with a positive bias. If the end of day profit-taking rally on Tuesday can continue into Wednesday we can expect NQ to rally back up to the next resistance level, 2615, but it has to stay above key inflection S/R level on Wednesday. That level is 2585 area.
- Above 2585 implies a potential rally up to 2605, then 2615.
- Below 2585 implies more consolidation or another down-trending day.
Eurozone credit crisis continues to intensifies despite massive currency printing by the ECB to help their collapsing banking system.
