As usual, NQ opened with a gap-up on Tuesday, but then it sold off hard all morning, down to just above 4500 strong support before buy programs kicked in and profit-taking triggered a rally into the close.
NQ closed just below inflection price level, which is 4545, but has since trades down to near Tuesday in after hours trading. Where it trades when the market opens in the morning on Wednesday is going to decide whether NQ is going to rally or selloff.
-- Trading above 4545 is going to keep the short sellers at bay. However, trading below 4545 is going to attract short selling activities, with first support at 4500.
-- A break below 4500 is likely to trigger another round of short-selling, next support is 4475.
