The Fed kept short term interest rate the same on Wednesday but promised to begin winding down their asset beginning in October, which effectively sucks liquidity out of the financial system. If true, that is very bearish for the market going forward.
NQ was not able to stay above key inflection price level of 5990 on Wednesday thus triggered several rounds of sell programs, but as expected, the Fed was ready with their buy programs to push the market back up again.
The Fed is likely to be active with their buy programs for at least several day to prevent any market selloff.
Key inflection price level for NQ on Thursday will be 5985.
-- Seller should be under control above 5985.
-- Selling is going to come back if NQ could not break back above 5985.
