With the FOMC releasing its policy statement on Wednesday afternoon anything could happen but it is certain that the Fed is going to continue to trigger non-stop buy programs again. Whether or not they could overcome intense deflationary selling if they in fact raise interest rates on Wednesday, only time will tell.
The bond market continued on sold off on Tuesday, and Chinese Yuan continued its rapid decline, a perfect setup for massive stock market collapse, and it is just a matter of time. Chances are central planners may want to wait until Trump has been inaugurated before they pull away support to the market and let the market collapse.
Support for NQ on Wednesday will be 4900. As long as NQ remains above 4900 selling should remains under control and NQ should continue to rally upwards. However, with all the major stock indices in extreme overbought territory there is a always a chance selling could come unexpectedly and from nowhere.
