On Wednesday the FOMC announced they are not changing their policy, said very little. Gold pops, stocks finish flat. Money pours into corporate bonds as sovereign yields go negative. G-20 commits to more stimulus. Debt keeps soaring while yield curves flatten.
With major central banks, beginning with the BOJ, PBOC and the ECB which should then be followed by the Fed and the BOE embarking on more money creation, including helicopter money program the forces of deflation may be temporarily defeated for now. Central banks should be able to push the stocks and bond market up for a while longer, how much longer no one knows as it is purely the battle between deflation and central banks money creations.
On a short term time frame however, support for NQ going into Thursday trading will be at 4680.
-- Staying above 4680 is an indication the uptrend is still strong with the next target is a break above Wednesday swing high.
-- Breaking below 4680 implies NQ is going into a pullback mode with the lower support at 4660 and then 4645.
