Again the FOMC trap goes high and then back to the starting line. Today's 3700-3690 support levels need to hold to restart the 3740-3767 game. Losing 3690 would see deep selling down to 3650-25.
With FOMC today, predictability is lower than usual so be flexible for all outcomes. Support levels today 3758-3740 need to hold by the bulls to recover to 3796-3815. Lose 3740, collapse 3700-3675.
Those 4 days in a row while waiting for the FOMC, today's support levels at 3763-3750 need to hold for the bulls to recover to 3790-3810. Losing 3750 would sell deeply to 3700.
The 2-day market has dropped over 2% and has not stopped yet. Today's 3800-3780 support levels need to hold for a bounce back to 3827-3840. Losing 3780 will deepen to 3750-3700.
Volatility is very close because tomorrow CPI is released. Today's core support levels 4090-4073 need to hold by bulls to reactivate 4120-4135+. Loss of 4090 will test 4073 late support, if not hold will sell deep to 4050-4000.
Big picture today is FOMC, bulls have to hold this big picture. Today's core support levels 4130-4115 need to hold to play up to 4150-4173. Losing 4115 will retest 4075.
Now 4138
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