A large gap-up opening for NQ on Monday was successful in triggering a fast short-covering rally, but once the Fed buying and short-covering frenzy ended the market dropped back down to 3475 support , eventually broke below support in the afternoon.
NQ closed below 3475 support, and if NQ does not re-break back above 3475 on Tuesday it may trigger another round of selling.
Whether it will trend down on Tuesday ahead of the FOMC meeting it is very difficult to say, only time will tell, but the Fed is surely be actively buying the market ahead of the FOMC announcement on Wednesday.
Key inflection price level on Tuesday in NQ is 3475.
-- Resistance is 3500
-- Supports are 3455 and 3435.
