After a brief choppy sideways action after the open short-covering continued in NQ and rallied all day with the usual small profit-taking decline at the end of the day.
The uptrend should continue as long as any pullback decline can stay above key support level as the The Fed should continue to be relentless in pushing the market up in order to continue to trigger short-covering to propel the market higher.
Key support for NQ on Tuesday will be 4665.
-- Above 4665 implies extreme short-covering is continuing, next resistance is still at 4700.
-- Trading below 4665 is an indication the current short-covering rally is in a pause mode, key support is at 4640.
Massive Sunday night speculative attack by gold short-sellers tanked gold down very hard, the attack designed to take out all the stop-losses that reside below prior low at around 1145 on the August gold future contract, which is now resistance on any rally.
