Following PBOC devaluation of the Yuan on Monday night the US stock market opened and sold-off on Tuesday, Although the close was off the low of the day it was nonetheless a down day in the market.
The PBOC again devalued the yuan for a second consecutive day on Wednesday China time sending Asian markets down, and the sell-off should spread into the US equity market on Wednesday, unless of course world central banks would come in to support the market overnight.
Key price level for NQ on Wednesday is 4500
-- Selling pressure should subside above 4500 with resistances at 4530 and 4545.
-- Selling pressure should continue below 4500 with first support at 4480, with the next support and a 1:1 target down at 4435 area.
