On Tuesday, the day before the FOMC is to announce their policy the stock market traded sideways in a very narrow range.
NQ traded slightly below key inflection price level in the morning then traded above it in the afternoon. With the Fed set to announce a highly anticipated 25 basis point interest rate hike, the market may not react to the decision unless there is a surprise change in policy.
Key inflection price level for NQ on Wednesday will again be the 20-dma on the daily chart which is at 7575.
-- Bullish bias above 7575, upside target is 7650 resistance
-- Bearish bias below 7575, support is at 7490
