US equities remain in churn mode, as the market awaits the 2pm press release.. with Yellen due to hold a press conf' around 2.30pm. No doubt, price action will get real twitchy.. real soon. Metals remain somewhat weak, Gold -$4, with Silver -0.3%.
So..a minor wave lower... but its clearly still a case of broad chop ahead of the Fed.
Considering the underlying price pressure, a spike higher to the 2030/40s still looks viable later today.
Meanwhile... Parker of Morgan Stanley downgrades his end year target...
In the scheme of things though... its relatively minor.
1.17pm... sp -5pts... and the setup will favour the bulls once the press release appears.
Without question, bears want the market to be rising into the afternoon.. not lower!
1.28pm.. notable weakness.... miners, GDX -2.4%... as Gold is -$4... Hmm
1.39pm.. sp -5pts.. VIX remains -3.5%.... kinda unusual !