NQ traded down very hard in the morning on Monday, and every attempt to push the market up failed until after the European market has close.
Then, non-stop buy programs managed to push the market all the way up to 4580 resistance near the close. With the Fed 2-days meeting scheduled to start on Tuesday look for the buy programs to continue going forward. Whether or not it would be sufficent to hold the market up would depends very much on the price of the Crude oil.
A rally in crude oil should help push the market up while a continual selloff in the crude oil could easily overrun the buy programs.
Key inflection price level for NQ on Tuesday will be 4550, bullish above, bearish below.
