On Friday, the Fed buy programs was finally successful in triggering a gap opening above breakout price level, prior wing high, 6130 for NQ, and triggering a short-covering rally.
With so many short sellers stuck in their short position, the Fed now does not need to intervene so aggressively, as the shorts will be buyers of any pullback down decline, as long as NQ remains above breakout price level of 6130.
Going forward, key price level for NQ will be the breakout price level 6130. As long as price remains above 6130 look for any decline to be bought.
On the short term timeframe, key support is 6180
-- As long as pullback down move on Monday does not clearly breach 6180, look for NQ to either rally or consolidate sideways above 6180.-- If for whatever reason, pullback down move should clearly break below 6180, as with an extremely manipulated market, anything is possible, the next support is 6130, and it should be a strong support.
