11am update - churning into the afternoon

US indexes are largely in a holding pattern ahead of the FOMC announcement at 2pm. Price action continues to favour the equity bulls, and there remains high probability of late day gains into the sp'1950s..perhaps even the 1960s if short stops start getting hit.


R2K,daily

Summary

*VIX dropped into the 11s at the open, and remains very subdued. The daily VIX charts are offering 3-5 days of further downside melt.
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For me, the R2K remains the clearer index, and is arguably leading the way higher. I certainly am seeking the 1190s later today, which would equate to sp'1950s.

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time for an early lunch