NQ dropped down to support 3480 on Monday and then rally on huge algorithm buy programs, likely engineered by the Fed ahead of their policy announcement on Wednesday.
The Fed may continue to push the stock market up ahead of their planned $10B reduction in their monthly bond and mortgage purchases, reducing the monthly amount down to $45B from the current $55 B per month.
The the Fed would go ahead of their planned reduction the market could star the usual annual supper sell-off. With most investors still holding their long position in the equity market a sustained sell-off could get out of control very quickly.
For Tuesday key inflection price level will remains at 3530.
-- Bullish above 3530, but it will need a clear and sustained break above 3530 to trigger another rounds of momentum algo buy programs, resistance are 3600 and then 3620. 3620 is a very strong resistance, it would need massive buy programs to break through it. A clear break will catapult NQ to 3670.
-- Bearish below 3530, first target down is 3500 and then again 3480. A clear and sustained break below 3480 will trigger massive momentum algo sell programs that should tank NQ quickly down to 3400.
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