Wednesday was a profit-taking day for the bulls worried about the Fed's QE taper talk and the implementation of the Volker Rule. The sell-off continued all day without much pause.
Whether or not the Fed buyers would come in strong on Thursday it is very difficult to forecast because we are not dealing with free market, all we can do is watch price levels.
Key price level for Thursday is 3480.
-- Below 3480 is an indication NQ is going to either consolidate sideways or continue to selloff. Next support is 3455 area.
-- A clear and sustained break above 3480 has the potential to trigger a short-covering rally, next resistance is 3500
