On Monday the Plunge Protection Team was hard at work supporting the stock market with everything they have in order to avoid the contagion effect of Cyprus banking collapse.
Buying programs were triggered even before the market open, with NQ closing its 30-point gap by about noon, and then traded sideways into the close.
For Tuesday, key level to watch is 2795, Point-Of-Control.
Events in Cyprus/Europe could change the market dynamic at any moment, but in general, above 2795 implies a re-test of the prior resistance 2810, while below 2795 implies a resumption of the selloff that started in Asia and Europe on Sunday night.
All major US stock market indices are in mature wave 5 rally, could end at any moment, and reverses down..
Supports are 2780, then 2760, 2740
Cyprus bank Run In progress
