As the annual bearish period that usually begin in May approaches, the market continued to be engineered higher on Tuesday, the third up day in a row, making Wednesday a key day for the market.
A continuing rally on the fourth day may indicates the downtrend as seen on the daily chart that started in the middle of April may have ended, an indication the pervious uptrend may have resumed.
For NQ however, it is currently approaching key resistance zones between 4400 and 4440. A break above 4440 implies an uptrend on the daily chart has resumes, but failure to do so is likely to attract another round of sell programs.
On a short term five minute timeframe, key price level on Wednesday will be 4400.
-- Staying below 4400 is likely to attract some selling. if so, the first support is 4350.
-- A break above 4400 is going to trigger some buying, next resistance is 4440.
