Massive overnight buying by the Fed ahead of the 9-11 anniversary on Monday helped creat5ed a huge opening gap in the equity market on Monday.
Buy programs continued all day on Monday to keep the stock market up. NQ is now just trading below its 6000 whole number resistance and also near double-top resistance zone on the daily chart.
With so many stop-losses congregating just above 6000 price level for NQ many algorithms are simply waiting for a break above 6000 to exit their long position. Thus until NQ breaks above 6000, selling might just wait for the break.
On the short-term intraday time frame, key support on Tuesday will be 5950 and resistance at 6000.
