Another narrow-range up trending day for NQ on Wednesday, closing at 6082.25. With the next strong resistance not until 6120 on the daily chart, NQ could continue to chop its way to resistance, that is, as long as it does not break key support, currently ay 5980 on the daily chart before heavy selling comes in..
On the short term timeframe, inflection price level is now at 6075.
-- Trading above 6075 implies a new higher high for NQ is a high probability event on Thursday before insiders selling comes back in.
-- Breaking back below6075 is an indication NQ is lower support at 6060 then 6040 which is a key short term strong support..
Fed rate-hike odds for December are lower after the Minutes (down from around 80% to 73%) as Fed officials' concerns about non-transitory low inflation sparked a dovish drop in the dollar and pop in precious metals..
It will not be until the end of November to early December before the market realize that the Fed will not hike rate in December, and then trigger violent market reversal as participants reverses their portfolio all at the same time.
