With Lehman Brother's style European financial meltdown just right around the corner it was obvious the Fed and the European Central Bank would felt compelled to intervene to support the equity market in a big way, and so they did with the market closing up quite a bit.
The Plunge Protection Team would surely remain active in the market for a while as the Greek default come closer and closer to being official. The Greek sovereign debt default could cause a severe credit contraction that the PPT may not be able to handle.
For Thursday key inflection level on NQ is 2250.
- Above 2250 implies a re-test of Wednesday's high. A clear and sustained break above the high target a breakout move up to 2290, then to 2300-2310
- Below 2250 implies a decline down to key support level 2230. A break below 2230 implies a further decline down to 2190-2200
