Tuesday was the second pullback down days for major stock indices. If the Fed is to avoid major algos to go short, it is crucially important that the market should rally back up again on Wednesday, and in the process, keeps the daily uptrend intact.
Key inflection price level for NQ on Wednesday will be 4470.
-- As long as NQ can stay above 4470, short-sellers will be subdued, but NQ would need to trade back above 4495 to trigger short-covering rally.
-- Trading back below 4470 is bearish, and may attract some short-selling.
