The Fed bank bailout program triggers a risk-on sentiment, and squeezes the shorts. The rally may continue as long as the Fed does not again change its mind about bank bailout.
Key price level for NQ trend on the daily timeframe is at 12,300 as resistance and 11,800 as key support. A break above 12,300 could trigger a short-covering rally with the first upside target at 13,500.
A break below 11,800 on the other hand is an indication the counter-trend rally has ended, even with the Fed bailout programs, and an indication the bear market has resumed.
On the intraday basis, key intraday support for NQ on Wednesday will be at 12,200, bullish above it with the next upside target at 12,500 and bearish below it.
