Futures are showing moderate gains of around dow +20/30pts. That could easily flip marginally negative by the open, but I'm certainly not expecting a significant drop early today. It will surely remain quiet until the market is clear on what the FOMC have decided.
sp' daily, 4mth
Summary
So, we did indeed hit my original target zone of sp'1350/60s. The question now remains, will the FOMC decision give the market the excuse (with rampant bear covering?), for a fast spike into the secondary zone?
Lets be clear...unless the FOMC initiate QE3 today (and that does NOT merely mean QE-twist extension), I will short this market on EVERY spike/bounce we get..all the way to sp'1100.
My primary outlook..as based on the monthly index cycle...
Good wishes for FOMC day