The equity market simply traded sideways ahead of Wednesday's release of the FOMC minutes from their July meeting. It was a slightly bearish day for all the major stock market indices.
The US dollar also sold off hard on Tuesday, an indication the FOMC minutes may be very dovish, may be signaling no rate hike anytime soon.
Global selling of the US dollar Treasury bond continues and may accelerate going forward as both the IMF and the World bank has now started to issue treasury bond denominated in world paper money, the SDR, to swap with US treasury bond for those who wish to get rid of the US dollar denominated treasury bond, an action that is precisely a prelude to the replacement of the USD as the world main reserve currency.
Key price level for NQ going into Wednesday will again be yesterday's support 4810, and will serve as resistance for Wednesday.
-- Staying below 4810 is bearish and may attract some more selling, with the next support at 4767
-- If they can push NQ back above 4810, and keep it above 4810, NQ may have a chance to break above the recent high.
