NQ Daily Trend = UP - Overbought
NQ 60-minute Trend = DOWN
NQ 5-minute Trend = DOWN
NQ opened with a huge gap-down on Tuesday but was immediately rescued buy large buy programs from the Fed.
With Wednesday a key Fed decision day, widely expected to cut interest rate, thus a small rate cut or NO rate cut will be bearish. However, we can be sure that the Fed and the PPT will be very active in supporting the rally. Selling has to be so intense to overwhelm the Fed and PPT that are ready to aggressively buy the stock market.
Key Line-In-The-Sand for NQ on the 5-minute intraday chart will again be at 7995
-- Bullish above it
-- Bearish below it.
We should see the market starting to move away form current price zone after the FOMC decision announce on Wednesday.
