A down day for NQ on Tuesday with a small breach of Monday's swing low right at the end of the day. NQ looks ready to go down to the next support level 3000, but as we all know, the market is rigged by the Fed so keep an eye on 3025 price level.
So, key level to watch for on Wednesday is 3025.
-- Below 3025 implies NQ is on its way down to the next support level 3000.
-- Above 3025 in an indication that NQ is either going to trade sideways between 3025 to 3055.
Although not expected (unless the Fed engineered large buy programs to cause NQ to trade above 3055) a sustained and clear break above 3055 could cause a short-covering rally, with the next resistance at 3072.50
Gold continued to rally on Tuesday, now just below strong resistance zone at 1350-1360 area. Gold may have to pullback down to 1250-1260 area before attempting to break through 1350-1360 strong resistance zone.
However, breaking above 1350-1360 on the first attempt now is an indication of panic short-covering by the short-sellers. If so, look for gold to rocket up to 1425 - 1540 area very quickly.
However, breaking above 1350-1360 on the first attempt now is an indication of panic short-covering by the short-sellers. If so, look for gold to rocket up to 1425 - 1540 area very quickly.
