The NASDAQ 100 continues to rally a bit and the early hours on Wednesday, as we attempt to find buyers on each and every dip to drive the NASDAQ 100 higher. Keep in mind that the early part of the week has been quiet from an economic announcement standpoint. So, at this point, I think you continue to see more upward pressure than anything else.
This will be especially true as the only thing on Wednesday is the FOMC meeting minutes and we already know that they cut rates by 50 basis points, so I doubt it's going to have a major influence. To the upside, we have the 20,350 level offering a bit of resistance, and at the same time, a bit of a target for those who are very bullish of the stock markets at the moment.