US equities remain moderately weak ahead of the FOMC announcement. The smaller 5/15min cycles are highly suggestive of at least initial upside, with the hourly offering sp'2085 or so. Metals look vulnerable into the close, Gold +$4. Oil remains weak... -1.2%.
Well.. its almost time... lets see whether Yellen takes it away.
Market is highly vulnerable to upside to around sp'2085. Bears are going to need to wave the white flag on any sustained trading >2090.
On the flip side.. a loss of the 50dma @ sp'2060 would be a major problem for the bears.
One thing no one can dispute.. the thresholds for today.. are pretty clear.
Intra-hour updates... ALL the way into the daily close!
2pm.. PATIENCE>>>>>>>>> gone.
Market jumping......... cyclically ... natural
2.02pm.. hyper-spike ramp... sp'2081.... market vulnerable to getting stuck around here.
2.05pm.. spike candle on the 5min..... market will be extremely vulnerable around the typical turn of 2.30pm....
No doubt... the bears are real annoyed right now...
2.11pm.. a second spike on the 5min cycle..... sp'2089.... the easy money on the long side has been made...
Notable gains, Gold +$15....
2.15pm.. With the move to sp'2092... we're above upper resistance... bears look toast. Chances of a reversal.. now look minimal.
VIX crushed... -9%... low 14s.
2.19pm.... sp'500 now too high to expect a downside reversal...
Clear spike floor of sp'2061.... incredible 20min ramp.
2.31pm... Well, its the natural turn time, but with sp' already hitting 2094... its arguably broken too many levels to have any hope of sub'2060.
VIX is confirming the move, -8% in the low 14s.
.. and Yellen arrives.
2.37pm... sp'2100s due.... bears nuked... anyone not stopped out is going to get zeroed out.
Notable gains, Gold +$16.... whilst Oil has swung from -2.1%.. to +3.0%
2.45pm.. .. and now talk will swing to Nasdaq 5K again. In any case.. anyone still short >2090... pointless.