NQ Daily Trend = Up - in overbought territory
NQ 60-minute trend = UP - in overbought territory
NQ 5-minute trend = UP - in extreme overbought territory7
The Fed buy programs finally get very aggressive in late afternoon, triggering a marge fas spike up into the close. Although the trend on all the three timeframe are still up we could see some pullbacks or consolidation before rallying back up again.
The FOMC will have their July meeting next week, with the market pricing in a 100% rate cut of half a percentage point. However, to show their independence, the FOMC may not cut interest rates. If so, we could see massive selling in the stock market. In anticipation of the heavy selling we could see continual massive buy programs in the stock market into next week FOMC decision on Wednesday
Going into Thursday trading session, key intraday inflection price level for NQ is 7985 - 7995 zone
-- As long as pullback down move does not break below 7985-8995 price zone we could see NQ rallying back up again.
-- Breaking below 7985-7995 price zone implies a larger pullback for NQ, the lower support is now at 7960. As long 7960 is not clearly violated we could see a bounce back up again to 9085-7995 zone, an indication of a consolidation price pattern
Very important FOMC decision coming up next week. Whatever the decision may be, could trigger a sustained move, up or down, away from the current price level
