On Monday, NQ rallied to a new high above prior swing high (July high), the high before the massive August plunge, and closed above July high, setting up a massive short-covering rally, which is exactly what the Fed buyers are hoping for, or a sharp reversal back down if the Fed is unable to hold NQ above July high and trigger a short-covering rally..
Key price level for Tuesday will be around 4675.
-- Bullish above, target is another higher-high above Monday's swing high.
-- A break-back below 4675 is bearish but NQ would need to break below 4645 to gain downside momentum.
