I am thinking that the Fed must have pushed the market up overnight Tuesday in order to trigger an overnight short-covering rally ahead of their Wednesday's meeting.
The were successful but failed to cause a follow-up buying during the day Wednesday as the market simply gap-up and then went sideways all day, and not the panic buying spree they must have been hoping for.
Key for Thursday is where NQ trades in relation to its key Support/Resistance Level, which is 2700.
- Above 2700 implies it is likely to cause another round of short-covering, which could propel rally up to the next resistance level 2740.
- Below 2700 implies it is going into a pullback mode, with first target of Wednesday low. A sustained break below Wednesday's low could cause a liquidation drop, targeting 2670 then 2650
