On Tuesday after consolidating sideways just below key resistance for about one and a half hours, aggressive buy programs by the Fed was unleashed, designed to break above 5385 resistance in order to trigger short-covering, and it lasted all day into the close, resulting in a large up day.
Going into Wednesday, key support for NQ is now 5400.
-- As long as NQ can remains above 5400, now support, short-covering should continue. However, following a large up day on Tuesday it is very likely NQ may have to consolidated the gain on Wednesday, unless of course another massive buy program is planned for Wednesday.
-- Trading back below 5400 is an indication NQ needs to retest previous key resistance now support at 5385.
