Non-stop buy program on Monday night ahead of President Trump State of the Union address on Tuesday evening cause a huge gap-up opening on Tuesday morning. The buy programs continued all day on Tuesday with a close at the high of the day.
The Fed and the proxy buyers are going to continue to buy the stock market on Wednesday. However, with a huge up-day on Tuesday the market may have to consolidate Tuesday's huge rally.
Key inflection price level for NQ on Tuesday is 9340.
-- If at the open NQ still trades above 9340 we could see NQ rally to a new high before pulling back down.
-- Opening and trading below 9340 at the open implies NQ is going to pullback down first before rallying back up to make an higher high.
