On Tuesday, NQ morning rally failed to reach the 7725 double-top resistance as double-top sellers became even more aggressive, selling way below 7725, pushing NQ back down to retest the early morning low before end of day profit-taking caused a small bounce near the close.
Key line-in-the-sand for NQ on Wednesday will be 7675, with intraday support at 7635 and resistance is again at 7725.
-- With the daily algo buyers not involved until NQ dropped down to near 7565, look for 7635 as key intraday support, a break below likely to trigger heavy selling, lower support is at 7565, the 20-dma on the daily chart
-- If the overnight market manipulators are able to cause NQ to trade back above 7675 at the open, look for intraday buyers to try to rally NQ back up to retest the double-top 7725 resistance.
Insiders continue to dump their shares at record pace on every rally, often called pump-n-dump, a typical characteristics of market topping price action
