On Monday, the market continued to chop sideways in a very low volume and narrow range environment as the Fed continued to hold the market up ahead of their meeting next week in order to create an illusion that all is well and that they can raise interest rate to save the little credibility that they have left.
Going into Tuesday, the pattern should continue with key support for Tuesday in NQ will be 4515. As long as 4515 does not get clearly violated on any down move, the choppy uptrend should continue.
As we can see from the chart below, there is a massive divergence between forward earnings and the S&P 500 index.
