NQ continued to trade sideways in a very narrow range most of the day on Tuesday until late in the trading session when sell program broke below it key short-term support, the 200-period moving average on the 5-minute chart.
A break of the 200-period moving average which coincide with prior day low ran over trailing stop-loss of the long position, quickly tanked NQ down about 40 points before the usual end of day profit taking (bounce)
On Wednesday the key price level for NQ will again be its 200-period moving average on the 5-minute chart, which currently sits at 5880.
-- If NQ remains below 5880 it is an indication that it is either going to trade sideways or more selling.
-- A break back above 5880 could push NQ up to above its recent swing high on some short-covering activities.
Central banks own just over a third of the global tradable bond universe of $54 trillion, or roughly $18 trillion, see chart below
