Larger cap stock in the Dow and the S&P 500 continue to trade sideways on Wednesday while Nasdaq attempted selloff following Trumps speech was aggressively bought, with NQ making a new higher high and then closing at the high of the day.
With the Fed unwilling to let the market drop the stock market is likely to continue to either trade sideways for lack of new buyers or continue to rally in a choppy way.
Key price level for NQ on Thursday remains at 5030.
-- If NQ stays above 5030 on Thursday it should continue to rally to a new higher high without a larger pullback down move.
-- Breaking below 5030 implies a consolidation pullback down move before rallying back up again. The next support below 5030 is 5000.
