Massive algo buy programs triggered soon after the open on Monday pushed NQ to yet another higher high before profit-taking sets in pushing NQ down then traded sideways the rest of the day.
The pattern of higher high followed by profit-taking pullback should continue for a while longer in order to maintain the illusion that the economy is doing well, but deflationary forces may be temporary defeated but should come back with a vengeance sooner or later. But for now, the rally continues as global money creation accelerates.
Key support for NQ on Tuesday has gone up higher to 4370.
-- Trading above 4370 implies another higher high is the upside target for the next rally leg.
-- Breaking below implies a pause in the current rally.
