Another day of sideways market for NQ on Wednesday even though the Fed tried to trigger a short-covering rally by engineering a huge gap-up open above prior day high. A gap-up above Tuesday's swing high failed to trigegr a short-covering rally as NQ dropped back down to prior day range.
I am certain they will try again on Thursday, again with key level at 3055.
-- It would need a sustained break above 3055 to trigger a short-covering rally. If so, next resistance is 3072.50.
-- Below 3055 we may get another sideways range bound market with support at 3025. It would need a sustained break below 3025 to trigger long-covering, causing a fast move down to overwhelming the buyers, dropping down to the next support at 3000.
Gold pulled back down after rallying up to just below strong resistance zone at 1350-1360 area closed at 1320. Whether or not it is going to be a one day pullback only time will tell, we shall see what happens on Thursday. Failure to rally back up on Thursday implies deeper pullback in gold before attempting to break above resistance.
