12pm update - quietly waiting

US equities remain moderately weak, but price action is reflecting a market that is essentially in a holding pattern ahead of the 2pm FOMC announcement. Metals are holding minor gains, Gold +$2.. but vulnerable to a severe afternoon snap lower. Oil remains broadly weak after another huge surplus, -1.6%.


sp'60min

VIX'60min

Summary

The key threshold is clearly around sp'2060... any move under that.. and it bodes badly... otherwise... there remains threat of renewed upside on more crazy 'fedspeak'.

I see too many individual stockcharts too convince me we are more likely to rally (beyond today).. than decline.

Best guess.. a brief spike higher after 2pm... but one that will be extremely vulnerable to reversing.

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VIX update from Mr T


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time for lunch....  back at 1pm  :)