1pm update - yet another hour of churn

Mr Market is very content to churn sideways ahead of the FOMC announcement. As many should realise though, how the market interprets Yellen in the afternoon press conference, that will be far more important than the fed decision itself.


sp'60min

Summary

Little to add....

We'll likely flat line for another hour...before some moderate chop.

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back just before 2pm....and updates will be more frequent..as and when necessary.
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12pm update - time for a game

US equities remain in minor churn mode, ahead of the FOMC at 2pm. The decision - QE'taper'5 is the mainstream expectation, and market will indeed be more interested in what Yellen has to say at the press conf'.


sp'60min

Summary

Ohh, and I realise, many are still calling it a bear flag on the hourly..or even daily chart. Sure..it could be.

Even then, whats the best case downside, 1910/00...and then. up up up.. into mid July. Either way, bears have little to look forward to for at least another month.
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VIX update from Mr P.


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In far more important matters...

Its time for Australia vs Netherlands... that will keep some busy until the press release at 2pm.

11am update - churning into the afternoon

US indexes are largely in a holding pattern ahead of the FOMC announcement at 2pm. Price action continues to favour the equity bulls, and there remains high probability of late day gains into the sp'1950s..perhaps even the 1960s if short stops start getting hit.


R2K,daily

Summary

*VIX dropped into the 11s at the open, and remains very subdued. The daily VIX charts are offering 3-5 days of further downside melt.
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For me, the R2K remains the clearer index, and is arguably leading the way higher. I certainly am seeking the 1190s later today, which would equate to sp'1950s.

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time for an early lunch