NQ opened above key level on Tuesday implies bullishness and will try to break above 2480 resistance, then closed above 2480 Tuesday's resistance now turned support for Wednesday.
Traders are waiting for the announcement from the ECB when they meet on Wednesday. A major decision to support the troubled countries could trigger a short-covering rally. Without which it could trigger a global sell-off.
Key Level For Wednesday is 2480.
- Above implies bullishness and could trigger a short-covering rally, upside target is 2500 - 2520.
- Below 2480 implies it is going into consolidation, with 2465 support. Not anticipating major sell program until it breaks and stay below 2440 swing low/support
