NQ dropped down to 3600 soon after the open, then rallied up to a higher-high after finding support at 3600. The rally was choppy and after making a higher high dropped down hard, breaking below 3600 support.
The afternoon rally that continue into the close was choppy, closing just below the key inflection price level for Wednesday, a setup for a strong trending move in either direction. Whether the trending move comes before the release of the FOMC minutes at 2 pm only time will tell.
Key inflection price level for Wednesday is 3600.
-- Although bullish above 3600, NQ would need to clearly break above 3615 to trigger algorithm buy programs that can cause a massive rally. However, 3615 has been a strong resistance area and it may continue to be a strong resistance.
-- Bearish below 3600, and a potential liquidation drop if it can clearly break below 3585 and then break below 3570 potentially strong support.
