The stock market tried to rally after the FOMC decision was announced on Wednesday. However, the rally quickly faded and sold off into the close, displaying a bearish engulfing candle on the daily chart.
The reversal candle is negated only on a break-back above Wednesday swing high, 13,080, on a close above it.
The reversal was after a false-breakout; As such, breakout traders are now trapped and if NQ continue to decline, the decline can get out of control as the bulls get run-over.
Key intraday inflection price level for Thursday will be at 12,820, bullish above it, bearish below it.
