Algorithm buyers worked tirelessly all night on Monday and into Tuesday morning, causing a huge gap-up opened. Without many shorts left to cover the market never gained much momentum to the upside.
Going forward the crisis in Ukraine should continue to influence market movement and could cause unexpected price moves.
Whether or not we see any new development on Wednesday only time will tell, but without any unexpected news, and as long as key support is not violated, the buy programs could help push the market higher, even if at a very slow phase.
Key price level on Wednesday is 3700 (support) for NQ and 1866 (Support) for ES
-- Bullish above, target is a higher high, for NQ the next upside target is 3740, for ES is 1880.
-- Bearish below 3700 for NQ, next support is 3670, and for ES the next support is 1848-1851. It would requires a major event to break below 3670 for NQ and below 1848 for ES.
