Another choppy narrow range day for NQ on Thursday, as attempted selloff day was aggressively bought by the Fed.
The buy programs should continue into the June FOMC meeting in order to create an illusion that all is ok and that they are justified to raise rates. As long as the uptrend is still alive, any selloff is an opportunity to buy the market.
NQ inflection price level on Friday will be 4515, and support is 4500, but with Friday trading action normally choppy and sideways, look for this Friday to be as usual, unless some unexpected market moving news hit the market.
The S&P 500 has now slammed up against overhead resistance (red line). We are once again within spitting distance of the all-time highs.
