On Wednesday the FOMC will announce their decision on interest rate. The market is expecting a 75 basis point rate increase and the stock market has priced that in.
If the FOMC instead decided to raise its interest rate by only 50 basis points we could have a potential sharp short-covering rally that may last two to three days.
If on the other hand the FOMC increases their target rate by 75 or 100 basis point we could see the market continue to tank.
Key inflection price evel for NQ on Wednesday will be at 11,500, bearish below, and bullish above it.
