--NQ Daily trend = down, but in pullback-up mode, now bumping up against strong overhead resistance at 7750 during Monday's trading.
-- NQ 60-minute trend = up, now at strong resistances, 7750 and 7800.
-- NQ 5-minute trend = up
On Monday, the market was engineered up overnight during very light trading volume session. NQ opened with about 100-points gap-up, but failed to trigger any buying, as such, NQ simply traded sideways most of the day on Monday.
NQ is now at just below key resistance, 7750, line-in-the-sand for Tuesday's trading.
-- NQ needs a sustained break above 7750 to trigger some buying. If the Fed can manipulate the open above 7750 it is very possible that the shorts would have to cover. If so, we can see a sharp large up day.
-- Failure to break above 7750 is going to attract selling which would push NQ down, first support is at 7650.
