On Wednesday the market opened with a gap-up above prior day high and then when support held on a test, shorts began to cover and it lasted until the end of the day, with a close at the day high.
The uptrend should continue on Thursday as long as any pullback down move does not violate key inflection price level - key support.
Key inflection price level for Thursday is 3575 for NQ and 1860 for ES
-- Above 3575 for NQ and 1860 for ES the market should continue its fast trend up, resistances are for NQ are 3600, 3620 and 3640, and 1876 and 1894 for ES
-- Below 3575 and 1860 is an indication NQ and ES are both going into a colsolidation mode, supports are 3540 for NQ and 1850 for ES.
Wednesday was the second consecutive up-day, and it would need to break below Wednesday swing low to trigger another round of selling algorithm.
The pace of short-covering accelerates after the released of the FOMC minutes
