The stock market tank hard after the FOMC policy decision was announced in the afternoon, Thursday was a large down day. With the Fed policy decision now out of the ways the market can now trend again
However, on the short term intraday time frame, following a large trend day the market tends to consolidate. If so we can see NQ trading sideways in a narrow range on Thursday.
Key price level to watch for on Thursday will be Wednesday swing low of 6300.
-- Trading below 6300 can trigger more selling especially margin selling. If so we can see stock market crash, although it does not usually occur on Thursday.
-- Trading above 6300 is going to keep selling under control and could trigger some profit-taking activities. If so the resistances where seller could come in are 5424-6440 then 6500.
