On Monday, NQ opened and sold off hard, dragged down by a massive selloff in a high flying stock Apple Computer AAPL which got hit by massive algorithm sell programs right from the opening bell..
NQ tanked hard until the Fed buyers managed to hold the decline with massive buy program. NQ traded sideways the rest of the day. At the close, it looks set for another potential large selloff on Tuesday -- unless of course the Fed come in with massive buy programs overnight or soon after the open on Tuesday.
Key price level for NQ on Tuesday will be 4285 strong support
-- A sustained break below 4285 is likely to attract another round of potentially massive algo sell programs, with the next support at 4250 and then if that does not hold, 4225 is the lower support.
-- Trading above 4285 should keep the algo sellers at bay, but NQ needs a sustained break above 4300 to trigger a short-covering rally, with the next resistance at 4320, 4330.
