10am update - opening minor weakness

US equity indexes open with some minor chop... leaning on the weaker side. Broadly though, the market should hold together (at least) until the FOMC announcement this Wed' afternoon. There is notable weakness in Oil, -1.4% in the $43s.


sp'60min

USO, daily2

Summary

*Oil is looking rather ugly... breaking decisively below the trading range of the past two months.
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As for equities...

Some degree of latter day recovery looks highly probable. Whether we can settle net higher.. difficult to say.

Really, its a case of lets see what kind of reaction we get on Wednesday/Thursday. Clearly, a retrace is due.. having hyper-ramped from 1893 to 2077... but sustained action <2000 now looks unlikely.
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notable weakness... AAPL -2.9% in the $115s... pre-earnings cooling... but then, it has ramped from the $110s last Monday.