12pm update - chop ahead of the fed

US equities have put in a morning floor of sp'2023, with VIX maxing out at 18.52. The next two hours look set for minor chop as market awaits the fed press release (due 2pm). Metals remain weak, Gold -$8. Energy prices remain weak, with Oil lower by a rather significant -2.1% in the $45s.


sp'60min

sp'daily5

Summary

Little to add.

Market looks set to remain in a holding pattern ahead of the Fed. Regardless of any initial 'twitchy' price action at the time of the announcement, I expect some late afternoon strength. A daily close in the sp'2050s remains viable.

*it is notable that the upper bol' on the daily is now down to 2080... so even if we break 2064... bulls will be facing a wall around 2070/75 by the Friday close.

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VIX update from Mr T


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time for lunch... back just before the FOMC.