NQ traded sideways in a choppy narrow trading range on Tuesday ahead of the FOMC policy announcement on Wednesday afternoon.
Although no one expect the Fed to announce anything different on Wednesday the market may continue to chop around ahead of the policy announcement in the afternoon. Once the policy announcement has been released the Fed may trigger buy programs.
On the short term intraday timeframe, inflection price level on Wednesday for NQ is at 5935, and key support remains at 5900, a key breakout price level on the daily chart, and as long as 5900 support remains intact NQ remains in breakout mode.
