There was no follow-through buying on Tuesday as NQ traded sideways down towards support, then closed right at support for Wednesday 4885.
For Wednesday 4885 needs to hold to keep sellers at bay. Should it clearly breaks, look for selling to come in aggressively. If so, the next support is back at 4855, then a bounce back up from 4855 or a break-down to 4800 key support level.
NQ chart on the daily timeframe is showing a clear bearish momentum divergence, with deflationary forces intensifying, should NQ re-break back below 4800 look for selling to get out of control.
'Europe is extremely sick', says Deutsche Bank chief economist. Monte dei Paschi trading suspended after 23% stock plunge. Shares in Italy’s Monte dei Paschi di Siena bank have been temporarily suspended from trading after a 23 percent price drop. This followed the stock's initial rally on Tuesday after the bank announced its latest plan to secure survival.
