Awaiting a rollover

The weekly index charts are all looking like a rollover will be underway later this week. Once we get the next FOMC meeting out of the way, the bears have their first opportunity of the year to whack the market at least 6% lower, back to the sp'1470s.


sp'weekly

sp'monthly3

sp'daily7 -fib levels

Summary

The FOMC meeting starts tomorrow, with the announcement on Wednesday @ 2pm.

It is always going to be difficult to predict how the market will react to the Fed press release /comments. Considering the price action of the past few months, you'd have to assume the market will have a very reasonable chance of briefly breaking above the recent sp'1563 high.

Best guess..we see a brief spike to around 1575/80 late Wednesday/early Thursday.

If my micro-count is correct, we should see a multi-day down cycle begin..first downside target is key channel support in the sp'1520s.
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Bonus chart... Dr Copper.. weekly, 2yr

For the deflationists out there, todays action was significant. If we close this week in the 3.40s, that would bode pretty badly for the broader market.

That's all for today...

Goodnight from London