sp'60min
Summary
*key rising support on the hourly/daily charts will be sp'1960 this afternoon. The bulls have a clear 35pts of downside buffer.
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Well, its Fed day. It could be the most important day since rates started to get cut in late 2007.
My guess.... although it is more of a hope.. the Fed do raise rates. However, if they do... they could temper it via a very dovish statement. Anyway, lets see what the printing maniacs do.
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Overnight China action: After some earlier strength, the Shanghai comp' fell apart in the late afternoon, settling -2.1% @ 3086.
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Eyes on Oil
USO, 60min
USO is set to open in the 15.15/10 range. I'll consider picking it up again... but it would only be a micro position. I remain in 'trading light' mode until sp'2040s.. at which point I will look to short.
Have a good Thursday