The stock market sold-off immediately after the release of the FOMC minutes from the last meeting, but the Plunge Protection Team was ready to buy the drop, triggering a massive buy programs which took NQ back up to the upper trading range.
The programs were designed to panic the shorts in the hope to trigger a short-covering rally, but, instead ot triggering a short-covering rally, the market sold off hard into the close. It is likely the end of day swelling will continue into Thursday, with the next support at 3030 and stronger support at 3000.
But, key level on Thursday is 3060, which is Wednesday's spike low.
-- More selling should come in on a sustained break below 3060, with supports at 3030 and 3000.
-- NQ should continue to consolidate above 3060 with resistance at 3100. It would need a clear and sustained break above 3100 to potentially trigger a short-covering rally.
