The Fed decision on policy will be released in the afternoon on Wednesday, and it is widely expected that they will announced another $10 billion reduction in asset purchases on a monthly basis, and anything less that that would be considered bullish by the market, and the market can explode to the upside, particularly with the Fed buy programs running in overdrive.
The only thing that can change the bullish bias for Wednesday is the Ukraine situation. Should the US impose real sanction against Russia, the selling could overwhelm the Fed buyers, and the market tank.
Support on Wednesday is 3680 for NQ and 1856 for ES
-- Bullish above, with NQ resistance at 3700, 3720, a clear and sustained break above 3720 could trigger short-covering rally, targeting a break above March 06 swing high. For ES, next resistance is 1885.
-- Bearish below 1680 for NQ with supports at 3680, then 3650, for ES support is at 1856.
