As expected NQ opened with a gap-up above 3915 resistance. After a brief arbitrage sell mpact has subsided traders caught on the wrong side slowly covered their positions pushing NQ up to 3950 resistance level, and closing at the high of the day.
On Tuesday key price level for NQ is 3950 resistance.
-- Staying below 3950 resistance could trigger some profit-taking selling that can take NQ down to support zone between 3915 - 3920 area. As long as support hold NQ should resume its uptrend.
-- More short-covering above 3950 with the next resistance at 3970. then 3980 and 3990 (prior swing high).
Both the Dow and the S&P 500 futures contracts are still trading below major overhead resistance on the daily chart. Unless they break above their respective resistance zones NQ is going to be dragged down, and may resume its downtrend
Forensic Analysis of Fed Action on Silver Price
2 years ago
