Nasdaq trend on the daily chart is up. After making a higher high NQ will reversed sharply down. The pattern will continue as long any decline stays above key level.
For Thursday Key level is 3080.
-- As long as any decline does not clearly break below 3080 the pattern of higher-high should continue, with next target is a break above Wednesday high.
-- Clearly breaking below 3080 implies a larger pullback is in progress, with the next support at 3070 and 3057. As long as the market does not get extreme bearish 3057 support should hold.
No change in Fed policy, QE will continue and in fact it will be increased. The Fed is the only buyer of the US treasury bonds.
The US QE model is following the model of the French Assignat
