The activity of the QQQQ over the last few sessions was pointing to steady accumulation and as soon as traders realized that the FOMC did not have a fifty basis point surprise hike in mind.
The range expansion arrived sooner than we anticipated. The inside days and triangular formations from the last few sessions seemed to be pointing toward a tighter range contraction prior to Thursday's FOMC decision.
Tuesday’s inside day patterns could suggest that traders believe that Monday’s action provided an answer to the larger question of whether last week’s lows can hold.
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