As widely expected, the Federal Open Market Committee — the central bank's policy making arm — kept its benchmark overnight lending rate target at a range of 0.5 percent to 0.75 percent. Fed buy programs managed to push the market back up to into the close.
NQ sold off hard, dropping down to support, in the morning after opening with a huge gap-up. Buy programs eventually managed to push NQ back up to the open, closing with a doji candlestick pattern on the daily chart.
NQ has now sold off in overnight trading, currently trading below Wednesday's day low. If buy programs did no0t show up before the open on Thursday NQ would be opening with a hugh gap-down. If so, the likely trend will be down for Thursday.
Key support for NQ on Thursday will be 5120, which is where NQ is currently trading after hours on Wednesday night.
-- If NQ can stay above 5120 on Thursday look for NQ to rally back up to test Wednesday swing high.
-- Failure to stay above 5120 is likely to trigger another round of selling. First support is, 5100, then its second support, Tuesday swing low, 5083. A sustained break below could trigger a cascade of selling.
