NQ opened with a gap-up on Wednesday, ahead of the FOMC decision. After the released of the FOMC decision on Wednesday NQ spiked up and down into the close.
Although many shorts might have covered their short position to lock-in profit, the rally was very choppy and not bullish action at all.Would NQ rally continue on Thursday or would it be just a one day rally, only time will tell.
Key intraday inflection price level for NQ on Thursday will be at 14,575, bullish above, bearish below it.
With the Fed raising its Fed fund rate by 75 basis points on Wednesday the possibility of a big rally is not likely as the Fed would continue to drain liquidity out of the system
The bear market should continue.
