1pm update - the FOMC excuse

The market is clearly in a holding pattern ahead of the next FOMC minutes release. In the scheme of things, it really should not matter, but it does look like the market is going to either break >sp'2000... or make another attempt to retrace to the sp'1950s. Right now.. the former looks more probable.


sp'60min

USO, daily2

Summary

*notable strength in Oil, +2.6% in the $49s. A break above the $50 threshold will give the broader equity market the excuse for another week or two higher.. to the sp'2040/60 zone.
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The smaller 15/60min cycles favour the equity bulls this afternoon.

I realise some are calling for a key top today/tomorrow (hi Bradley followers)... but I don't agree.

The 2040/60 zone looks a far more natural level to max out.
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back at 2pm.. for the Fed press release.