To be expected on Wednesday, a rate increase by the Fed that was followed by massive buy programs by the fed to make sure that their decision seems bullish for the market.
The Fed buy programs should continue for a while longer to ensure that majority is convinced the raising interest rate is a good thing. Whether or not their trick will succeed only time will tell, but credit contraction is intensifying and should continue to intensify going forward and may overwhelm the Fed.
With that in mind key price level for NQ on Thursday will be 4630.
-- If the uptrend is still alive then any pullback should not clearly below 4630. If so, the uptrend should continue.
-- A break below 4630 is bearish and implies Wednesday rally is short-lived. First support is 4600, then 4580.
