Another sideways consolidation day for Nasdaq on Tuesday, dropping down below key level to test 2743 support before bouncing back up, and then broke above key level 2770..
Where it opens and trade in the morning in relation to key level will determine the bull-bear bias for the morning price action.
For Wednesday, 2700 remains as key level.
-- Above 2770 implies bullish bias with 2790-2800 as first upside target. Without a clear and sustained break above 2800, price will reverse back down to 2770 area. A clear and sustained break above 2800 could trigger a fast short-covering rally.
-- Below 2770 is bearish, targeting a re-test of 2743 support. Without a clear and sustained break below 2743, price will reverse back up to 2770 area. A clear and sustained break below 2743 could trigger a liquidation decline down to next support level at 2723.
