Another choppy sideways action in the market on Wednesday as the only major buyer in town is the Fed itself as most traders and investors are either already long or just waiting on the sideline waiting for the shorting opportunity to come along. For now, the trend on the daily chart is up, but without much upside momentum.
Until we get meaningful pullback, the choppy uptrend is going to continue, as investors wait to see if the Fed in fact would raise interest rate during their June meeting as indicated.
For Thursday, on a short term 5-minute timeframe, support is now 4520.
-- NQ should continue to chop it way up above 4520.
-- More sideways action below 4520, next support is 4520 then 4500.
