A gap-up open and an attempted breakout above resistance soon after the open was overwhelmed by sellers that tank NQ down through gap-close before finding support at 4025 key support.
NQ then quickly reversed back up during the normal morning reversal time zone, quickly breaking out above 4060 key resistance to take out stoplosses, but once most of the shorts had covered, sellers came back in to sell NQ back down to near the early morning low before bouncing back up to re-test 4060 resistance nearing the close.
Key price level for NQ on Wednesday is still 4060.
-- A re-break back up above 4060, if it is able to stay above 4060, could this time trigger real buying that can sustained an uptrend and not just short-covering rally which may not last.
-- Breaking below 4025 could trigger a cascade of algo sell programs that could easily tank NQ down to retest the recent swing low, 4000 then 3980.
-- Should 3980 strong support not hold, it is anyone's guess where NQ would find the next support.
