At
2:00 PM the Fed's minutes were released and indicated that the Fed would start to
taper at one of its next few meetings even if the job market hasn't improved
enough. many investors decided to take profit - caused the market to tanked into the close.
Whether or not profit-taking would continue tomorrow, only time will tall, but as short-term traders, we should be looking at price actions and price levels.
For Thursday, key price level will be 3370.
-- Trading clearly above 3370 is an indication that NQ may be going into a pullback - rally mode, with resistance at 3382.50 area, then 3400.
-- NQ is vulnerable to more selling pressure below 3370. Next support down is 3345. If the market gets very bearish, next support down is 3320.
