On Wednesday, ahead of the FOMC announcement, NQ opened with a gap-down and then after running down to test support, rallied all day making a higher-high.
NQ has now rallied three day in a row, so Thursday will be an important day to watch because it could be another up day to make it the fourth up days in a row, or a reversal-down day.
Key inflection price level for Thursday is 3570, key support is 3540 (Wednesday's swing low).
-- Above 3570 implies NQ is still in fast mode up, short-covering should continue, next upside resistance is 3600, 3620 and 3670.
-- Trading below 3570 is an indication NQ is in a down-mode, next support is 3555, then 3540. A break below 3540 implies the current three day rally has ended, and the market is resuming its downtrend on the daily chart, next support is 3500, 3480 and 3400.
As expected, the Fed continues its QE tapering agenda, reducing monthly asset purchase by another $10B.
