Nasdaq traded sideways ahead of the the FOMC decision on Thursday. Whether or not the Fed decision (mostly nothing new anymore) would move the market, only time will tell, and will depends on where the market trades in relation to the key level.
Key Level For Thursday is 2793 on NQ December contract.
- Bullish above 2793 and could trigger a fast short-covering rally, with first resistance at 2815-2820.
- Bearish below 2793, first support at 2775. A clear and sustained break below 2775 could trigger a liquidation decline, next support level is 2760 then 2738
The Fed and the QEs
