The Fed hinted that they will reduce QE at the end of the year and may stop QE by next year. On that note the market sold-off hard into the close.
Unless opinion of market participants change overnight, and the Fed came into the market and aggressively buy stocks, the annual summer market sell-off may have just begun on Wednesday.
Key Level tp watch for on Thursday is 2985 for Nasdaq NQ and 1642 for ES (S&P 500 Futures)
-- Below 2985 + 1642 the stock market sell-off should continue
-- Above key level implies the bull market is still alive, targeting a re-test of may swing high.
Gold sold-off hard into the close, breaking below prior swing low. Gold price needs to recover and trade back above 1360 to stabilize gold price. Failure to do so has the potential to trigger a massive algorithm sell orders that can crash gold price down very quickly, the next downside target is $1,240, but it could easily overshoot down as panic selling sets in.
