NQ finally brokeout above 3800 in the early morning on Tuesday and then rocketed up into new high and into overbought territory on the 60-min chart and the daily chart. Without any new buyer it sold off hard in the afternoon, dropping back down below3800 price level, with the close near the low of the day, a bearish close.
Key price level for Wednesday will be 3800.
--Failure to break-back above 3800 is an indication of weakness, potentially setting up a multiday decline. The first key level to break is 3775. A break below 3775 should attract momentum algo sell programs that could tank it hard, down to the next support, 3725-3730.
-- Breaking back above 3800 could setup a re-test of Tuesday's swing high..
