NQ daily trend = Down
NQ 60-minute trend = Up
NQ 5-minute trend = Up
On Tuesday, engineered large gap-up open failed to trigger short-covering to cause a rally. NO failed to break above 7650 key resistance, thus trigger heavy selling causing large down move to key support before rallying a bit in the afternoon.
At the end of the day on Tuesday the pattern on the daily chart is bearish. However, both the 60-minute chart pattern and the 5-minute chart pattern are showing some bullish configuration at the close on Tuesday.
Key intraday price level for NQ on Wednesday will be 7590.
-- Bullish above but strong resistance is again at 7650.
-- Bearish below 7590, first support is again at 7550. If 7550 should get clearly broken to the downside we could see some heavy selling. The 200-dma on the daily chart, will be support, is currently at 7300
