On Tuesday NQ opened with a gap-down but still above the key support level on the 5-minute chart, thus it opened with a bullish bias.
As such, NQ slowly rallied higher as the shorts continued to cover. Although the close was at prior day high many of the stop-loss are still above Monday swing high, which should give a huge incentive to the market manipulators to push the market higher just to run-over the stop-losses so that they can then exit and reverse short.
Without enough buyers to overwhelmed selling on a break above Monday swing high, NQ should reverse sharply back down.
So the key line-in-the-sand once Monday swing high has been broken will be Monday's high. Once broken, NQ either rocket higher or reverse sharply back down.
