No Change in the Federal Reserve policy on Wednesday. The Fed did not do what President Trump requested, which is a huge interest rate cut and a new round of quantitative easing.
The stock market sold off hard after the announcement. NQ tanked down to key support level, the 7740-7750 breakout support on the daily chart, and it is the third test, and it now has a really high probability of breaking. If so, NQ will tank hard as trailing stop-loss get triggered.
Thus, key price level to watch on Thursday will be 7740 (support as of Wednesday's close).
-- If NQ failed to clearly break below 7740 and run-over some stop-losses we should see a big bounce back up to resistance, now at 7820. NQ is in oversold territory on the 60-minute chart at the close on Wednesday, thus we can either see a clear break and tank down or rally back up to resistance.
-- A clear break below 7740 should trigger some stop-loss sell programs, thus could tank hard despite of the oversold condition as of Wednesday's close
