The Fed's massive buying binge during globex trading session on Sunday night was immediately sold off right from the opening bell, and all day into the close. On the 5-minute chart NQ is now in sell mode going into the close, although at the end of the day the market seems ready to pullback up.
Key Resistance is now 3175.
-- NQ would need a sustained break above 3175 to turn it back into rally mode.
-- Below 3175 implies it is still in sell mode with the next support at 3150 and 3140
The Fed announcement on Wednesday is going to be closely watch by market participants. What everyone is waiting to see is whether or not the fed is going to taper their bond purchases. if it does, by how much.
