Dragged down by the collapsing Chinese stock market NQ simply traded sideways on Tuesday. With Chinese stock market crashing again on Wednesday China time look for the impact to be felt in the major indices here.
Unless the Fed buyers can have access to unlimited funds to push the market up look for the major indices including NQ to sell-off hard on Wednesday.
Key price level for NQ on Wednesday remains at 4540.
-- A clear and sustained break below 4540 is likely to trigger another round of liquidation sell-off, with first support at 4500
-- As long as NQ can stay above 4540, sellers should remain on the sideline.
