NQ opened and sold off hard as soon as Janet Yellen started her testimony to the Senate banking committee.
The Fed must have been caught unprepared with buy programs as NQ tanked hard, temporarily breaking below prior swing high support before the Fed buy programs were able to control the selloff and rallied the market back up.
NQ closed just below July 4th and 7th swing high, 3915-3918, which would serve as our key price zone for Wednesday.
-- NQ needs to breakback above 3915-3918 area to cause another round of short-covering / Fed buying rally.
-- Failure to clearly break above 3915-3918 would attract another round of algo selling that could drop NQ down to below Tuesday low and down to 3865 area support.
