The FOMC will announce their policy decision in the afternoon on Wednesday. With most market participants having factored in 0.25% Fed Fund rate hike on Wednesday the wording of the their press release would determine what the impact on the market will be.
As long as the Fed does not spook the market with their announcement we should see the market continuing to rally for a few more month before the rally end and the bear market resumes.
Key price level for NQ on Wednesday will be at 12,300.
With so many stop-losses congregating above 12,300, a break above 12,300 has the potential to trigger massive short-covering with the next resistance not until 12,800. It could take 2 to 3 days to get there or it could do it all in one day.
Key support is at 11,950. Bearish below it, with lower support at 11,550-11,700
