Another higher-high for NQ on Tuesday before pulling back down to support and traded sideways into the close.
For Wednesday Ben Bernanke's testimony could move the market either up or down depending on what he is going to say, and more importantly, how much money the Fed is going to spend on buy programs to support the market..
Whatever it may be, support is at 3062.50.
-- The rally should continue above 3062.50, next upside target is higher high above Tuesday's swing high.
-- A clear break below 3062.50 has the potential to run-over trailing stop-losses, next support is 3050 which is a strong support.
It would requires a very bearish market internals for NQ to break below 3050, otherwise, look for the market to bounce and rally back up from 3050 support..
It would requires a very bearish market internals for NQ to break below 3050, otherwise, look for the market to bounce and rally back up from 3050 support..
