With the stock market ready to crash as it opened on Tuesday morning, major central banks were ready with massive buy programs that was triggered right at the open.
Massive buy programs continued on all day long pushing the stock market indices up in a very big way. NQ rallied above 90 points from the opening low.
Central banks may have won the battle on Tuesday but the bigger picture is not pretty. War with North Korea and the massive losses from Hurricane Harvey hitting the south and eastern United States will soon overwhelm central banks. Bear market is coming soon.
On the short tem intraday time frame, key price level for NQ will be 5880 resistance. If that breaks, then the next key resistance is 5900 again.
Failure to break above 5880 resistance is going to attract selling, could cause a stock market sell-off. However, central banks will remain active in the stock market for a while longer, thus the market may just trade sideways.
