Nasdaq traded sideways in a consolidation pattern on Tuesday following a trending-down day on Monday. The FOMC meeting will start on Wednesday for their 2 days meeting, with their policy decision to be released on Thursday, so it is possible for the market to stay inside Tuesday trading range, as traders may want to wait for the FOMC minutes before making a major decision. So be on a lookout for potential falsebreak reversal of Tuesday's high and or low.
Key Level on Wednesday is 2780, prior trading range high resistance now support.
-- Above 2780 implies more consolidation, with first resistance at Tuesday swing high. A clear and sustained break above Tuesday high could trigger a short-covering rally, targeting next resistance at 2820 area.
-- Below 2780 could trigger more liquidation decline, with the next downside target at 2760 then 2743.
FT Pivot Levels
R1 = 2793.25
FTP = 2786.50
S1 = 2773.00
FOMC meeting starts on Wednesday
FT Pivot Levels
R1 = 2793.25
FTP = 2786.50
S1 = 2773.00
FOMC meeting starts on Wednesday
