NQ continued to trade sideways above 5900 breakout price level, keeping sellers at bay. But with most traders and investors already long the market there is not enough new buyers that could help push the market higher in a big way.
Going forward, 5900 continues to be keep price level to watch for market direction.
-- Trading above 5900 should continue to keep selling under control. As such, NQ either continues to trade sideways or rally.
-- Breaking back below 5900 is going to attract heavy selling pressure as breakout traders get forced to exit their longs and reverses short.
As today's 3-month T-Bill auction surprised the market with its highest yield since the fall of 2008, as investors continue to price concerns that the U.S. government will exhaust its borrowing authority around mid-October.
