The index breaks down as the FOMC statement and decisions on interest rates are a stretch away.

Nasdaq is currently trading at 11860 after it slipped below the bottom line of the symmetrical triangle. From a technical aspect further decline is likely as investors are expecting the aggressive rate hike to continue. Looking at the 4 Hourly chart, first minor support sits at 11706 with a further support level at 11450. A break below the 11450 level could see the index drop towards the low 11000’s. However, if the outcome on interest rates is lower than expected then an uptrend could arise. Towards the upside, minor resistance sits at 12019 followed by further resistance 12187. A break above this level, could create a path of recovery for the index towards the next major resistance at 12902. Although this is much dependent on the results from the FED meeting. MACD is positive but turning negative, RSI reads 41 suggesting a negative stance.