A huge gap-up opening for gold and a huge gap-down opening for the crude oil which threatened to crash the equity market on Wednesday panicked the Fed into taking drastic action. They triggered massive buy programs in the equity market and the crude oil market, pushed both markets higher for the day.
The equity market is now back in bullish territory, and only a crash in the crude oil market can derail tomorrow's potential rally.
Key price level for NQ on Thursday remains at 4170.
-- As long as NQ can stay above 4170, the rally should continue, the next upside target remains at 4300. With so many traders and investors short the market, a continual push high by the Fed buy programs should lead to more short-covering.
-- A break-back below 4170 is likely to attract more sellers, with first support at 4100.
Gold is on the verge of clearly breaking above trend line resistance.
