After a vary large down day last Friday it is to be expect that NQ is going to consolidate on Monday and likely on Tuesday and also likely on Wednesday at least until the FOMC announces their policy decision on Wednesday afternoon.
The FOMC is expected to raise its Fed fund rate by 0.25% and there is really no reason for them not to raise interest rate. However, if they do not raise rate as expected the markets could get out of control.
On Monday NQ dropped down to its 50-day moving average on the daily chart before bouncing and trade sideways all day on Monday.
Key support for NQ is 5625 (50-DMA on daily chart), key resistance is 5736.
-- A sustained break out of the range can cause a strong move in the direction of the break.
-- A false break out of the range or remaining inside the range implies continuing consolidation.
FOMC meeting begins on Tuesday
