While most experts are looking for the Fed to announce QE3 if economic data continue to point toward a slowdown, a handful want the Fed to stand down.

"The markets are completely dependent on the zero interest rate policy and the continued liquidity injections," said Dan Morris, chief investment officer at Morris Capital Advisors. "I believe that our economy and the markets will not be able to recover properly as long as they are dependent on the Fed's life support and as long as the Fed continues to find ways to artificially extend these policies."

Rather than more stimulus juice from the Fed, those experts say what the market really needs is more confidence in Washington lawmakers to do what it takes to avoid the fiscal cliff.

Still, whether or not the Fed's intervention is the right dose for the ailing economy and financial markets, the fact is that it's become psychologically important for investors, said Adrian Day, president of Adrian Day Asset Management.

"The market is expecting further Fed action, and now it needs it for a sustained rally," he added.