11am update - minor chop

US indexes are holding moderate gains of around 0.7%. With sig' QE-pomo of $2-3bn this morning, bears face the usual problems. Metals have recovered early minor declines..back to flat. VIX remains sharply lower, -8% in the low 16s.


sp'60min

Summary

To be clear...I'm seeking further gains into the FOMC of Wednesday afternoon...and considering this mornings gains..the 1870s do look likely.

From there..I'm seeking a break of the key low of 1834..which should (at least in theory) offer a free ride to 1800/1790 or so.

Whether we go much lower than that...difficult to say..although weekly charts suggest..yes.


11.37am... minor down cycle..nothing for the bears be excited about.  VIX -10%