On Wednesday NQ opened with a gap to the upside, but it was clear that it was mainly the Fed algos buying the market as NQ just traded sideways all day long. Clearly, there was not much buyers participation in this current rally.
With the Fed continuing their secret emergency meeting this week, it should be clear to us that the Fed buy programs should continue to be active in the market in their fight against global deflationary forces.
On the daily chart, NQ is breaking out to the upside, under normal circumstance, it should continue to the upside, but with the market grossly manipulated, anything is possible.
Inflection price level for NQ on Thursday will be 4540.
-- Trading above 4540 implies NQ is still in a breakout mode.
-- Trading back below 4540 is an indication NQ is going into a consolidation mode, and as long as any decline does not get out of control, the uptrend should resume.
