Tuesday was the third narrow-range consolidation day for NQ. Ahead of the FOMC policy announcement on Wednesday afternoon look for the market to continue to trade sideways in a narrow-range, unless some unexpected market-moving news hit the market.
Although most traders and investors don't expect any policy change by the Fed many would still prefer to wait to see what the Fed is going to do going forward.
A hint of QE4 announcement could send the market upward, and without which, and without any new buyers to help push the market higher, look for selling to begin.
Key price levels for NQ on Wednesday will be 4615 support and 4635 resistance. A sustained breakout or breakdown, particularly after the FOMC decision announcement could starts a trending move in the direction of the break.
