Rally in NQ continued on Tuesday ahead of the FOMC policy decision announcement on Wednesday afternoon, a decision that can either continue to send the stock market upward or reverse it back down again. To see the market reaction to whatever the Fed decides on Wednesday, we will have to wait.
Key price level for NQ on Wednesday will be 4355 area.
-- As long as any pullback-down move in NQ can stay above 4355 NQ uptrend on the daily chart is still alive.
-- Clearly breaking below 4355, however, is an indication the current uptrend on the daily chart has paused, but as long as NQ can stay above 4340 during the pause or consolidation, NQ uptrend should resume after consolidation.
-- Clearly breaking below 4340 implies the current uptrend that started from March 13 swing low has ended, and that NQ downtrend has resumed.
