Another narrow range sideways consolidation day for NQ on Tuesday, the third consolidation day in a row following a sharp two days selloff last week.
Under normal circumstances, following a sharp selloff the market resumes after one or two day of consolidation. But there is nothing normal about the market these day because central banks control the market. So there is no more free market. As such, anything is possible.
Important price level for NQ on Wednesday will be 4800 resistance and 4760 support.
-- Under free market, the setup is for NQ to resume selling on Wednesday, but we don't have any free market so anything is possible. For selling to resume NQ needs to break below 4760 and then stay below. The next support below 4760 is 4740 then 4700.
-- If central planners can push NQ back up above 4800 then those who went short during last week selloff would be forced to cover, helping to trigger some kind of a rally.
Kyle Bass: Chinese Yuan Will Drop a Massive 30% to the Dollar
