On Tuesday sellers came back with a vengeance, overwhelming the central bank buying tanking the stock market very hard. NQ fell over 200 points from Mondays manipulated closing price.
Again, on Wednesday, central bank came back to buy very late in the day, pushing NQ back up about 100 points in the last half an hour of trading just to make the stock market not look very bad.
The bear market has returned with a vengeance. Dip buying should continue for a while until the stock market has gone down enough. For NQ, buying the dip activities should continue above 7500 critical support.
On the short term intraday timeframe, key inflection price level for NQ would be 7680, prior low now resistance. NQ closed just below that level on Tuesday.
-- On Wednesday if they are able to manipulate NQ back up above 7680, we could see NQ rocketing back up to 7750 resistance.
-- Should NQ failed to break back above 7680, sellers should come back in with first support at Tuesday low. A break below Tuesday low could quickly tank NQ back down to lower supports at 7536 then 7500
Trade war between the US and Chine is getting more intense, and it is very bearish for the market.
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