A major selloff in Apple shares dragged down NQ tanking the index hard in the morning. It took the Fed buyers until late afternoon with the FOMC announcement of NO rate hike before they were able to rescue the market. NQ close the day just below 4430 previously acting as support now resistance for Thursday.
Key inflection price level for NQ on Thursday will be 4430.
-- Selling should be subdued if NQ can stay above 4430, with the next resistance at 4470.
-- Sellers may be back if NQ could not break and stay above 4430, first support is 4400 then critical support is at 4375 area. A clear and sustained break below 4375 area could attract major selling programs.
As Tom McClellan pointed out today, the VXX indicator below is indicating the current market rally is at risk, may or may not have topped, and selloff could be soon and severe.
