The stock market opened with a huge gap-up on Thursday following the Fed overnight ramp up, but the market immediately sold off hard, down to key support of 4100 for NQ.
NQ is now stuck for two trading days below key inflection price zone between 4190 and 4200.
--NQ needs to convincing break back above 4200 to trigger another round of short-covering rally.
- If NQ remains below 4200 it is likely to stay choppy and trade sideways, with the key support level at 4100.
-- NQ would need to break below 4100 to trigger another round of algo selling. But without a selloff in the crude oil, any selloff could be short-live.
