11am update - chop chop

The main indexes are a touch lower, but it would surprising if the market can hold even moderate declines ahead of the FOMC. Metals remain weak, Gold -$10. Oil builds on opening gains, on lower than expected reserves data, +0.8%


sp'60min

Summary

Underlying MACD (blue bar histogram) is now negative cycle, and will be offering a floor by the afternoon, and that is certainly not the best set up for equity bears.
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VIX, daily,, possible H/S ?

Unquestionably, bears should seek a daily close in the 15s, which isn't that much higher.

stay tuned!