Global stock market sold off hard on Tuesday as fear of Italian debt default is starting to cause contraction of global liquidity which then is starting to trigger selling of assets such as stocks.
Central banks may be able to temporarily stabilize the global liquidity situation to avert global financial meltdown but deflationary forces will soon starts to overwhelm the authorities and then market meltdown would start to intensify.
For Wednesday NQ key price level will be 6960, now acting as resistance.
-- Trading below 6960 is going to continue to put NQ under selling pressure, the next key support is 6860.
-- Trading back above 6960 should reduce selling pressure
