As a result, the Fed engineered one of the biggest buy programs ever, sending NQ up almost 200 points from the low of the day. But with the momentum of the crude oil price still in crash mode, the rally may be short-lived. The equity needs the crude oil price to stabilized in order to get a sustained short term bounce.
Key price level for NQ going into Thursday trading is 4100.
-- Selling pressure should be subdued above 4100, the next resistance is 4200.
-- Trading below 4100 can attract another round of algo sell programs, the next support is 3900
Key driver for the equity market remains the price of crude oil and the price of the Chinese currency. China needs at least a 50% devaluation to slow down China's financial collapse, which tends to drag down the rest of the world.
