On Wednesday the Fws cut interest rate by 0.25% as expected but signalling no more cut in 2025. The the financial market pricing in numerous rate cut in 2025, the Fed on Wednesday was a disappointment, the stock market sold off hard even before the new year, a very bearish signal indeed.
NQ dropped down over 1,100 points on Wednesday, the low was at key support, the 30-ma on the daily chart and prior swing high from November, 20,300. It should have a strong bounce from support.
However, if strong support is violated on Thursday we can see another crash with the next strong support not until 20,000, thats a 1,400 points drop from Wednesday's low.
