On Tuesday NQ opened just below key inflection price level, immediately triggered massive algo sell programs that tanked NQ down to re-test its daily breakout price level at 4473-4478 area.
Tuesday was also the second pullback-down day after breaking out above prior swing high made in March 02. For the current breakout to continue upward NQ should begin to rally again on Tuesday, because failure to rally after a 2-day pullback, is an indication the breakout is likely to fail.
Key inflection price level on Wednesday will be Tuesday's swing high 4532.
-- A clear break above 4532 could trigger another round of algo buy programs by the Fed, targeting a break above Friday's high.
-- Below 4532 NQ is likely to pullback down to re-test breakout price level 4473-4478 area.
