Minor moves.. ahead of the FOMC

US equities settled moderately mixed ahead of the next FOMC announcement. Naturally, the chatter remains one of 'will they.. or won't they remove patience?'. Most notable, today saw the second bullish F flag in three trading days fail. There is high probability of a bearish reversal from sp'2085/90 tomorrow afternoon.


sp'weekly7

sp'daily5b

Summary

*a tiresome day....  this shall be brief
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Yes, the bulls have managed a significant counter rally from the Wed' low of sp'2039... but there is clear resistance around 2075/80s.

Best guess... market gets stuck tomorrow.. and breaks lower for the rest of the week.
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Looking ahead

Market will be focused on the FOMC announcement at 2pm.. with a Yellen press conf. around 2.30pm.

*there is the EIA oil report at 10.30am.. any surplus above 7 million barrels would likely kick WTIC Oil into the 41/40s. Sub $40 by the weekend remains VERY viable.

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Goodnight from London