With most of the weak short-sellers out of the market it will be left to the Fed themselves to continue to push the stock market up ahead of the release of their policy statement on Wednesday. If so, the rally should be choppy and narrow range, but anything is possible. It should not surprise anyone if the Fed would trigger massive rally ahead of the policy announcement on Wednesday.
Both the daily and 60-minute timeframe for NQ are in bullish mode going into Tuesday trading. As long as pullback down does not get out of control, look for the uptrend to continue.
Key support level for NQ on Tuesday will be 4335.
-- As long as 4335 is not clearly violated on any down move, look for NQ to continue to make another higher high, with the next resistance at 4400.
-- A clear break below 4335 is an indication a larger pullback is in progress, next support is 4300.
