The market sold off hard in early trading on Tuesday down to strong support zone at 4400 area before buy programs were able to stopped the decline and rallied NQ back up towards the high of the day.
On Wednesday however, anything can happen after the release of the FOMC minutes in the afternoon. Unless the Fed come up with some sorts of QE, the long awaited summer selloff could begin, so any Fed-led buy programs should be short-lived as the forces of deflation starts to overwhelm central banks buying.
Key price level for NQ on Wednesday before and after the FOMC announcement will be 4400.
-- Selling should be muted above 4400.
-- Selling could accelerate if NQ remains below 4400 over a period of time, next support is 4300.
