A big gap-up opening for NQ on Wednesday ahead of the FOMC policy announcement in the afternoon. The gap-opening was above prior day high, as such it trend all day but it was very choppy.
Overnight, NQ has traded over 150 points above Wednesday closing price and starting to bump into overhead resistance at 19,720 area, a strong resistance coming in from the 50-day moving average and prior swing low now resistance.
The market rallied hard in anticipation of three Fed rate cut before the end of the year, startling at their next FOMC meeting in September
If NQ could push higher, the next higher resistance zone is at 19,850, the 50% retracement level from the high to the Tuesday low, area where many algos would be selling the rally.
Key intraday inflection p[rice level is at 19,460, bullish above it, bearish below it.
