With small traders and small speculators overly short the stock market, the released of a dismal ISM manufacturing number spooked the Fed enough to trigger one of the biggest buy programs designed to run-over stop-losses and discourage short-selling.
As a result, Tuesday was one of the biggest rally day in the equity market, keeping the major indices solidly in the bullish mode.
Without a collapse in the crude oil market that can easily overwhelmed the Fed buy programs, the stock market should continue to rally on Wednesday, with or without a large pullback.
Key support for NQ on Wednesday will be 4300.
-- As long as NQ can stay above 4300, look for the rally to continue without a larger pullback down move.
-- Breaking below 4300 is an indication a larger pullback is in progress. if so the next support is at 4260-4270
