Buy programs continued on Monday night and into the opening bell on Tuesday. NQ opened with a gap-up, but lack of buying participation by investors caused NQ to simply traded sideways all day into the close.
With the equity market currently in overbought condition on the daily chart, look for the market to either trade sideways or pullback down on Wednesday, unless of course they are willing to trigger massive buy programs and push NQ above Tuesday swing high. If so, there may more shorts that needs to cover.
With gold in deep overbought condition on Tuesday, it was easy for them to whack it down, and so it was, as gold was whack down hard.
