Not much happened in the equity market on Wednesday as all the major indices simply traded sideways in a very narrow range. There is simply no buyers at these level, with the market in overbought territory.
There is also not much short-selling activities at these price levels as the Fed continues to buy the bids in order to hold up the stock market until the presidential election is over, hoping for Hilary Clinton to win.
Until the major indices have clearly broken below supports, most major selling algos will be in active, and without new buyers, the market could continue to chop around at these levels.
Price support for NQ going into Thursday trading will be 4865.
-- NQ is likely to continue to chop around in a narrow range above 4865 unless they could trigger massive buy programs that could overwhelm the forces of deflation.
-- There may be some selling coming in if NQ trades below 4865, but it should remains under control until NQ could clearly break below 4800 key support level.
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