Good morning Traders! FOMC results main theme du jour….SPs have traded back into the middle of the prior range (yellow line on chart) If they fail to hold the 1960 area, a test down to 1939 – 42 – lower end of the range will be the next play. If the market holds, the Daily osc on the Russell can hook up and the Nazdaq remains in a firm uptrend.
Bonds MAY be starting to form ten day divergences window on the daily OSC up here. A Close back below 138’27 is a trigger.
Dollar – still on extended run…but just had nice upside climax bar.
Gold – Dec gold needs to clear above 1307 for bulls. Above that level there can be good buying. otherwise, 120 minute chart can still lead to test of 1290 area…..use the 7 AM reading as main reference pivot.
CRB index has been on a sale….not quite close to daily buy Divergences yet….weak nat gas, sugar, grains, oil…etc inversely correlated with strong dollar….
Wild car trying to predict FOMC….should not be any surprises in statement or actions though.
Have a great day!
Markets in BO Mode: