NQ traded sideways on Tuesday ahead of the FOMC decision on Wednesday. NQ may continue to trade sideways until the release of the FOMC minutes in the afternoon.
Key to the direction of the trend will be what happen after the FOMC announcement.
--If NQ remains above 200-ma on the 5-min chart, we should see NQ continue to rally higher retracing the big drop during the first week of September, first resistance is the 20-ma on the daily chart, around 11,650..
-- If NQ should drop below the 200-ma on the 5-minute chart after the FOMC decision on Wednesday that would imply the beginning of the next leg down. If so first support is around 11,000-11,100
Forensic Analysis of Fed Action on Silver Price
2 years ago
