Helped by international capital fleeing the European and China's financial crisis and flowing into the US market, the Fed is finally successful in forcing the short-sellers to cover, triggering relentless short-covering rally that would last until most of the shorts has covered.
This is likely the final up-leg or wave on the daily chart before the market top and then reverse violently just like the recent Chinese stock market crash which collapsed about 30% in just over a week. The major US equity market indexes are currently setting up a capitulation top before reversing violently.
Where and when the market tops is anyone's guess, but for now key support for NQ on the daily chart is 4550. As long as NQ can stay above 4550 the uptrend is still in progress, with the next psychological resistance is at 4700.
Key intraday support for NQ on Monday is 4525.
-- Above 4525 implies NQ is still in a fast uptrend, with the next resistance at 4700
-- Trading below 4525 is an indication NQ is going into a consolidation pullback-down mode, next support is 4600.
