NQ traded sideways on Wednesday and stayed choppy even after the FOMC minutes was released, but it looks ready to make a sustained trending move from here, the direction is still not clear simply because the market is manipulated and the Fed will continue to buy the market against strong selling pressure as global credit contraction continues to intensify.
Key price level for NQ remains 4080.
-- Bullish above 4080, next resistance is still 4115. A false-break could cause a fast reversal back-down, while a sustained break above 4115 could trigger a sustained short-covering rally
-- Bearish below 4080, supports are 4065, key support is 4040-4045. Trading below 4040 is an indication the uptrend may have reverse, and could potentially drop really fast, if so first target down is 3940.
