NQ was manipulated higher on Monday morning and then Monday evening during very light trading volume globex session, the goal was to trigger a huge gap-up which then triggers massive short-covering rally. It failed.
NQ opened with a huge gap-up on Tuesday but was sold, short-covering and the Fed buy programs failed to hold the market, particularly NQ up. The sell-off continued into the close.
Key Line-in-the-Sand for NQ on Wednesday will be at 9440.
-- A break-back above 9440 implies that Tuesday selling has ended, and that NQ is going to trend back up, with upside target a higher high above Tuesday swing high. However, key resistance to break is 9480. NQ needs to break above 9480 to get to higher high. Failure to do so will send NQ back down.
-- NQ is bearish below 9440, with the next important support at 9340. Breaking below 9340 is bearish
