Now that the January FOMC meeting is out of the way the stock market can trend again. Initial reaction to the DO-NOTHING Fed was positive, but then sellers came back in and sell the market hard.
Critical support for NQ on Thursday will be the January 24th NQ regular session swing low at 13,700.
NQ looks ready to crash through critical support of 13,700 on Thursday. However, should it hold as support we could see some profit-taking buying activities that could push the market back up again.
For now, the trend on the daily chart is down. The trend looks ready to resume down on Thursday.
