A second up-day in a row following a sharp end of the year 2016 sell-off. NQ is now back up above key 4900 price level, now support. A break-back below 4900 is going to be bearish for NQ and could trigger another round of selling.
Whether or not the Fed is going to continue their massive buy programs to push the stock market further up, only time will tell. But as long as NQ remains above 4900, sellers should remains under control, and NQ could continue to rally.
On the 5-minute timeframe, key support for NQ on Thursday will be 4920.
-- Trading above 4920 implies NQ is likely to continue to go higher.
-- Below 4920 could trigger some selling, next support is 4900.
