The Fed buy programs targeted the tech stocks on Tuesday in order to manipulate sentiments especially because the annual Santa Rally never showed up as the equity market were selling off in the last two weeks on December.
NQ opened with a gap-up and buy programs were ready to trigger immediately. Although NQ managed to rally big in the morning there was no follow-up buying as NQ simply traded sideways for most of the day. Both the S&P 500 and the Dow were mildly bullish on Tuesday
They may trigger another large buy programs on Wednesday. If so NQ should rally again. However, without a large buy programs, NQ may simply trades sideways or pullback down.
Key support now for NQ on Wednesday is at 6470. As long as NQ remains above 6470 selling should remains under control.
Again, big rally for gold on Tuesday
