With both the Dow and the S&P 500 dropping down to their respective 200-day moving average on Friday, it was expected that the PPT would aggressively intervene to push the stock market up on Monday.
And so they did, helped by profit-taking, the stock market has a big bounce on Monday, but not until Europe stock market has closed, The US stocks were selling off hard in the morning even with an engineered huge gap-up open.
The stock market may rally further on Tuesday or trade sideways on Tuesday. Although heavy selling is not very likely on Tuesday, if heavy selling would comes it would have a very bearish implication.
Resistance for NQ on Tuesday are 6820 and then 6850
On Monday China launched gold-backed Petro Yuan.
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