On Tuesday NQ simply traded sideways and a decline in late afternoon own to near the 200-ma support was aggressively bought, pushing NQ to close at the high of the day.
The close was above July swing high. If it continues to trade above July high on Wednesday we could see some shorts starting to cover. If so, we could see a huge rally on Wednesday.
Should NQ failed to stay above 10,060, we could see seller coming in. However, NQ would need to break below Tuesday low of 10,890 to trigger some stop-loss, and cause a huge selling.
Key line-in-the-sand for NQ on Wednesday will be 10,060, bullish above, bearish below it..
