A narrow-range sideways price action in the stock market on Tuesday as traders and investors wait for the FOMC decision on Wednesday.
A quarter point rise in the Fed funds rate is baked into the stock market, but many may be waiting for the language before making their decision.
The stock market technical pattern is currently bearish and could be ready for the next leg down. However, for Wednesday, the Fed is going to announce their policy decision in the afternoon, anything is possible, it is a highly manipulated market, and the Fed could trigger a big buy programs to make it looks like everything is good.
For NQ, key short term price level for Wednesday is 6920 as resistance and 6820 as support.
-- A rally above 6920 could take NQ back up to 7050 resistance.
-- A sell-off below 6820 could tank NQ down to 200 to 300 points lower. Strong support is not until 6220
