12pm update - pre-FOMC washout?

US equities remain broadly lower, but there are plenty of signs that this is just another little tease to the bears. The second market leader - R2K, looks like it has a fair chance of turning positive this afternoon, which would probably equate to sp' back in the 2040s.


sp'60min

R2K, daily

Summary

*there are a HUGE number of key individual movers, its almost impossible to even summarise, but suffice to say, the declines in CAT, INTC, FCX, MSFT are all rather powerful.
--

More than anything now.. it will be important for the equity bulls to attain a weekly close above resistance @ 2064. I realise the 2070s seem a long way up... but that remains my guess.
--


VIX update from Mr P.


--
time for lunch... back at 2pm... when I'm guessing the market will be a fair bit higher than it is right now