Topping/distribution price action continued on Tuesday, with the insiders pumping the stock market up to higher high so that they can dump their long position on unsuspecting investors.
This type of price action, higher high followed by pullback decline should continue for while longer until they have downloaded sufficient amount of their holdings before letting the bear market to commence.
On the short term time frame key inflection price level for NQ on Wednesday will be at 6070 again.
-- Trading back above 5070 is likely to get NQ to another higher high before selling pushes it back down again.
-- below 6070 implies a sideways or a down trending move down to support again, with first support at 6040, then if that does not hold the next lower support is 6020.
