With the Fed policy now in a no-win situation the best the FOMC committee could do was to pretend to be in disagreement among the Fed members, just to ensure the financial market continues to be confused as to the Feds future policy on interest rate.
The Fed cannot raise interest rates because it will intensify global deflationary forces, crashing global financial market. The Fed cannot cut interest rate and officially trigger another round of money printing program because that would cause the US dollar to instantly collapse as the exodus from US dollar denominated assets intensifies. So the best the Fed could do is to pretend they are in disagreement.
The market sold off in the morning on Wednesday but buy programs were readied to get triggered in the afternoon to push the stock market back up in order to create an illusion the Fed minutes was positive. Buy programs should continue for a while. Whether or not it could hold off an avalanche of selling activities, only time will tell.
On the short term time frame, key price level for NQ on Thursday will be 4810.
-- If the buy programs can push NQ back above 4810 it should reduce selling pressure. If so, NQ should be able to rally back up to retest recent high.
-- Failure to push back above 4810 would attract more selling, supports remains at 4765 then 4745.
