Stocks did what they needed to do: Pro

The S&P 500 held and bounced on a key level, ahead of the Federal Open Market Committee's two-day meeting, which suggests the market is headed higher, StockMonster's Guy Adami said Tuesday.

"I'm of the belief – and we've said it for a while – that the market doesn't give you this long an opportunity to sell the highs," he said. "Technically, it did what it needed to do today. I thought 1,681 was a big level, given the high we put in earlier today. It held; it bounced."

The S&P 500 gained .63 points to close at 1,685. The Dow Jones Industrial Average slipped 1.38 points to finish at 15,520.59.

(Read more: S&P ekes out gain, Nasdaq sets fresh 12-year high; FB closes below $38)

On CNBC's "Fast Money," Adami said that he saw a clear direction in the market.

"Obviously not a big day in terms of where the market went, but I think an important day in the fact that the market just doesn't want to give up any ground here," he said. "It's got to go higher. That's my view. Look, I could be dead-wrong and this thing could collapse."

Tim Seymour of EmergingMoney.com challenged the idea that the stock market was already pricing in the Federal Reserve's tapering of asset purchases.

"You're telling me that mortgage rates are going to be when the Fed pulls out? I don't think so," he said.

(Read more: Bull market begins after taper, pro says)

Seymour said that he expected the Fed comments to be "as dovish as possible," adding that he would be buying the U.S. dollar.

Brian Kelly of Brian Kelly Capital agreed, sort of.

"I'm short silver, which is basically a long-dollar type of trade going into this," he said.

Kelly noted that if the Fed were to taper by the end of 2013, "that's a pretty steep taper.

"Any type of surprise like that is going to shock the market," he added.

(Watch video: Wall Street Journal's Hilsenrath on Fed meeting)

Karen Finerman of Metropolitan Capital Advisers was agnostic on whether the taper would help or hurt stocks.

"If it's already priced into the market, I'm sort of confused whether the Fed tapering is a good thing or a bad thing," she said. "It's of interest to me, but I'm not going to be able to trade around it."

— By CNBC's Bruno J. Navarro. Follow him on Twitter @Bruno_J_Navarro.

Trader disclosure: On July 30, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Guy Adami is long C; Guy Adami is long GS; Guy Adami is long INTC; Guy Adami is long MSFT; Guy Adami is long AGU; Guy Adami is long NUE; Guy Adami is long BTU; Guy Adami's wife, Linda Snow, works at Merck; Karen Finerman is long AAPL; Karen Finerman is long BAC; Karen Finerman is long C; Karen Finerman is long JPM; Karen Finerman is long GOOG; Karen Finerman is long EBAY; Tim Seymour is long BAC; Tim Seymour is long INTC; Tim Seymour is long SBUX; Brian Kelly is long Yen; Brian Kelly is short US dollar; Brian Kelly is short Copper; Brian Kelly is short Silver; Brian Kelly is short British Pound; Brian Kelly is short Aussie; Mark Mahaney is long TRLA; Mark Mahaney is long EBAY; Mark Mahaney is long EXPE; Mark Mahaney is long FB; Mark Mahaney is long RATE; Mark Mahaney is long GOOG; Mark Mahaney is long IACI; Savita Subramanian is long BAC.