Taken as a collective, the US equity market is clearly still broadly weak, but there are plenty of early warnings that a pre-FOMC floor of sp'2019 might be in. Metals are holding what is arguably a fear bid, with Gold +$12. Oil has built gains of a rather significant 2.2%.
*Yes, I'm unquestionably biased to the R2K.. but hey... it is the strongest index today, and still looks set to turn positive before the close.
We have a clear reversal candle on the R2K daily chart, and with a VIX that has notably cooled from the earlier high of 18.41.
Equity bears should be very mindful that with the FOMC tomorrow afternoon, the market is going to have a very valid reason to rebound back above the 50dma (sp'2047)... and keep climbing into the weekend.
Notable weakness, FCX -5.0%... lousy earnings.
BTU -4.8%... lousy everything.
2.25pm.... VIX continues to cool.. and R2K set to turn green.
Of course, its almost 2.30pm.. typical turn time. If bulls can hold a close in the sp'2040s.. that'll more than suffice.. not least with AAPL earnings at the close.