NQ continued to chop inside a narrow trading range on Wednesday evern after the FOMC minutes was released. The market looks tired and may be ready for the long awaited summer selloff.
Whether or not NQ would have to make a new higher high above 3990 swing high before the selloff, only time will tell, but key price level on the longerterm timeframe, key support is currently at 3920 area. A clear break below 3920 is the first confirmation that the selloff is in proigress.
For Thursday, key support is 3955, with resistance now at 3980.
-- As long as NQ can stay above 3955, it may continue to stairs step higher.
-- A clear break below 3955 ccoul start to trigger momentum algo sell programs, key support is at 3920.
