With the FOMC decision due to be announced on Wednesday afternoon, the market paused on Tuesday. NQ traded sideways in a narrow range without any new buyers and without much buy programs.
With most traders and investors not expecting any change in policy from the Fed, the FOMC policy announcement on Wednesday could be a non-event. If so, and without any new buyers, it would again be left to the Fed to continue to push the stock market higher.
With the daily timeframe still in a buy mode, and without any major changes in the Fed policy, the market should continue to move higher into the end of March and possible into April.
Key inflection price level for NQ going into Wednesday will be 4355, but it is likely the market is going to chop around until the FOMC announcement.
Banks Perfect Storm
