A rally day for NQ on Wednesday, the third pullback day since breaking below the 50-day moving average on the daily chart.
Now that the FOMC decision on policy is out of the day, if the fast downtrend is going to continue right away we should see NQ start to trend down on Thursday. If that does not happen, we can expect further sideways consolidation days or rally up day.
With the Fed not doing any taper to their QE anytime soon, we could see the stock market rallying back up again, with first resistance break is the 50-day moving average on the daily chart, now at 15,170
Key intraday price level for NQ for Thursday will be at 15,200 resistance. Bullish above and bearish below it.
