Ahead of the FOMC announcement on Wednesday NQ traded sideways in a narrow range on Tuesday.
With the market pricing in almost a 100% probability that the Fed will raise short-tem interest rate on Wednesday, nothing much is going to happen if the FOMC in fact raise interest rate. What would move the market will be if the FOMC does not raise interest rate..
If the FOMC does what is expected the stock market may continue to trade sideways in a topping pattern as investors will wait for the new year to sell due to tax reason.
Key support for NQ going into Wednesday will be 6395.
-- As long as NQ continue to trade above 6395 NQ should continue to trades sideways and up. Next upside target is a break above Tuesday's high
-- Breaking below 6395 could bring in seller, next support is 6350
