Massive buy programs triggered during the low volume overnight trading following the end of G20 meeting in Japan, designed to cause a huge opening gap-up hoping to trigger a massive short-covering rally on Monday, failed miserably. Instead of triggering a huge short-covering up-day on Monday, NQ opened and sold off all day, a very negative sign.
The Fed is likely to try to buy the stock market again on Tuesday. Key intraday price level will be 7800, bullish bias above it and bearish bias below it with key support at 7720.
