On Monday, NQ opened with a gap-up, then immediately rallied above key price level 4265 triggering whatever shorts there was to cover, which is not many, but relentless buying by the Fed High Frequency Trading Machine managed to slowly but steadily push NQ into another higher-high, in the process nullifying last Friday's reversal day.
Without any major sell-off, the Fed is going to continue to push the equity market up, including NQ into the Thanksgiving holidays.
Key inflection price level for NQ on Tuesday will be 4277, Key Support is 4260
-- Above 4277 is an indication NQ is still in an uptrend before pulling back down, next target is 4300.
-- Trading below 4277 implies NQ is going into a pullback-down mode, with key support at 4260. As long as 4260 is not clearly violated on a pullback-down move, uptrend should continue. Although not expected, a clear break below 4260 could trigger algo sell programs, lower supports are 4250 and then then 4235.
