With crude oil tanking again on Tuesday NQ sold off hard in the morning and early afternoon down to 4100 support and then bounce off in a rally into the close likely due to the end of day buy programs by the Fed.
With the price of crude oil still in free-fall look for the equity market to continue to sell-off. A break below 4100 for NQ could trigger another round of algorithm sell programs, and the next support is again the double-bottom low in September at around 4040, then the double-bottom low with August 2015 swing low at 3900.
NQ probably would need to take out one of the above double-bottom before a large snap-back rally can be expected
Just in the first 12 day of 2016 China spent over 100 billion dollars to support the Yuan
