On Thursday NQ traded sideways in the morning before the Fed buy programs were finally able to push the market up.
Nasdaq finally made a new high above the high attained 15 years ago. With a sharp profit-taking decline at the end of the day starting to built momentum, a massive buy program by the Fed buyers pushed NQ back up to closed near the day high, they hope would help trigger massive short-covering rally that can last many days.
Key price level for NQ going forward will be 4470 support
-- Ability to stay above 4470 could trigger a multi-days up-trending move.
-- Breaking back below 4470 could trigger a multi-days fast reversal back down
