After a sideways price action in the morning on Wednesday NQ trend-down ahead of the FOMC policy announcement, but the Fed buyers came in with a vengeance buying aggressively to push the market back up right after the policy announcement
As usual, end of day profit-taking came in near the close took NQ back down to the middle of the trading range. Whether or not the end of day decline was just profit-taking or the resumption of a downtrend, only time will tell, and will depends on where it trades in the morning on Thursday.
Key inflection price level for NQ on Thursday will be 4440
-- With NQ trading above 4440 at the end of the day Wednesday, as long as it can stay above 4440 on Thursday NQ is still in a bullish mode.
-- A sustained break below 4440 could trigger algo sell programs that could tank NQ down to re-test June 15th double-bottom low.
