Massive sell programs right after the released of the FOMC policy announcement very likely engineered by the Fed designed to lure short-sellers in order to trapped then to help propel the market higher with the sell program that was quickly reversed.
With the Fed now trapped in their failed policy, QE and ZIRP, it is only natural for them to continually push the market higher in order to paint a rosy picture of the economy when in fact the economy is going into severe recession which has likely started and should eventually go into severe contraction.
Once recession has started in earnest a sustained and severe stock market decline should follow suit in a very near future. But with the Fed continuing to pump liquidity via QE through the ECB, PBOC, BOE and BOJ the stock market may continue to rally into the end of the year if central banks have their wish.
Key support for Thursday is 4635. As long as NQ pullback can stay above 4635 look for NQ uptrend to continue to higher-high.
Key support for Thursday is 4635. As long as NQ pullback can stay above 4635 look for NQ uptrend to continue to higher-high.
Here is a picture of a short-squeeze
