11am update - continued chop

US equities remain in minor chop mode ahead of the FOMC announcement. It is notable that the daily upper bollinger is now at sp'2031. Sustained action much above 2040 will be very difficult in the current up cycle.... and the bigger weekly/monthly cycles remain... broken.


sp'daily5

sp'weekly2

Summary

So... without getting lost in the minor noise, the market is now in a holding pattern for the next three hours.

There is viable 'flash' downside to rising support around 1960 in the 2pm hour... but with an equally viable hyper snap-back upside to the 2030/40 zone.

As many recognise, the market is due another major rollover into Oct'.  Sp'1867 makes little sense as a key multi-month.. never mind multi-year floor.

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I remain having eyes on Oil... via USO

15min

The 15.10/00 zone would be tempting... although a trade after the FOMC would be a far simpler time to get involved.
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stay tuned !