Wednesday's trading pattern for NQ mirrored Monday's pattern, a very common pattern for the current Fed-driven manipulated uptrend.
Typical trading day would be a gap-up opening followed by massive Fed buy programs that pushes the market up sharply in the morning that faded away by lunch time that then spend the rest of the day in a sideways choppy narrow range.
The key is to catch the early morning trend, right from the opening bell until around noon, then expect the market to choppy around the rest of the day.
With the Fed concerned about a sharp breakout of the US dollar index above it 200-DMA which will be very bearish for the stock market, look for the Fed statement announcement following their FOMC meeting next week to be dovish, and may hint a new round of QE and helicopter money program as they would need to do so to save their ailing wall street member banks.
In anticipation of a dovish statement by the Fed next week with a hint of new QE and helicopter money program could help push the stock market higher ahead of FOMC meeting next week.
