Massive short-covering rally on Tuesday with NQ trading down in the early morning. With NQ closing at the day high we may get some more short-covering in the morning on Wednesday.
The rally should at least continue for another two more days, with a choppy rally or a fast rally.The next resistance is at 16,100, and then if that is broken, the next higher resistance is at 16,450.
Key inflection price level for NQ on Wednesday will be at 15,900. Short-covering rally to continue above it, and trading below it implies NQ is going into consolidation with first support at 15,700.
