Another sideways trading range again, the 4th in a row on Wednesday, with the algo traders still controlling price actions, keeping the market in a narrow trading range until the fiscal cliff negotiation is settled.
For Thursday key resistance is 3220, support is 3200.
-- NQ can continue to stay inside the 3200-3220 trading range -- with a false-breakout of the range.
-- A sustained break above 3220 will target a move up to the higher resistance levels of 3230 and 3240.
-- A sustained break below 3200 will target a move down to the lower support levels 3188 and 3180
As long as the algos are still in control, support will be bought and resistance will be sold.
