Wednesday is an FOMC policy decision announcement day.
NQ opened just above 4800 key support on Tuesday but then sold off immediately. An attempted lunch rally failed to break NQ back above 4800 support-turned resistance which is just an excuse for major algorithm to sell the market hard.
NQ dropped down to just above 4700 support before the Fed buying algos managed to rescue the market and ramp it up into the closing bell, a type of window dressing for the Fed ahead of their decision on Wednesday afternoon.
With the market fully pricing in Hillary Clinton's victory a surprise Trump victory is likely to crash the stock and the bond market hard. Donald Trump winning chances is just getting better and better by the day.
Key inflection price level for NQ on Wednesday will be 4745, with first support at 4700 and first resistance at 4790.
-- Trading above 4745 should keep sellers at bay and could rally NQ back up to 4790, a strong resistance where many sellers are waiting to sell again.
-- NQ will remain under tremendous selling pressure below 4745, but support remains at 4700. With the FOMC decision to be announce in the afternoon, look for the Fed to remain active in the market.
