Dragged down by the European market selloff the US equity indices opened and tanked down hard in the morning on Tuesday with NQ dropping down to major support before the Fed buy programs were able to push it higher into the close.
NQ has declined back down over 40 points during globex trading so far tonight. Unless NQ can rally back above 4470 the trend on the daily chart remains down.
On a smaller time frame, key price level for NQ on Wednesday will remain at 4440.
-- NQ will remain bearish below 4440, and with supports at 4400, 4370, 4335.
-- Trading above 4440 has the potential to trigger short-covering, but NQ would have to break and stay above 4470 to turn it into an uptrend on the daily chart.
