A very narrow-range, low volume choppy day on Wednesday. There are no more buyers and no more short-sellers left to cover that can cause a fast move up. The only buyer was perhaps the Fed computer algo buyers. Without any pullback down the rally would be very slow and low volume unless the fed can come in with massive buy programs.
Key price level on Thursday is 1870 for ES and 3725 for NQ
-- The current uptrend should continue above 2870 for ES and above 3725 for NQ. Target is higher-high
-- A clear break below implies the market is going into a pullback-down mode, supports are 3700 for NQ and 1866 for ES. Absence of any unexpected event in Ukraine the market should rally back up again.
