On Wednesday the market sold off hard after the release of the FOMC minutes, but as usual the Fed came in very aggressively buying the futures market after the regular market is closed.
The sell-off may have been real, and that the market is going into a down-trending mode for a while starting Wednesday, with or without a test. Although it is still very early to make the call particularly in a very strong up-trending market, the sell-off looks real.
Key price level to watch for going on Thursday and going forward is 3382.50 in NQ and 1760 in ES.
-- Above 3382.50 implies NQ uptrend on the daily chart is still intact. If so, we look for NQ to make another higher high.
-- Below 3382.50 is an indication that NQ is going into a pullback down mode on the daily chart. Next support is 3350, then 3320
