SHORT TERM: FED meeting starts today
Overnight the Asian markets were mostly lower, but turned around the selling, that started in NY, by time Hong Kong had closed. Europe opened higher and came in about 0.25% higher at our opening. Our stock indices opened a bit higher and immediately pulled back to the gap support and yesterdays lows. NAZ 2098 held at 9:45 AM and we rallied a bit. Right now the market remains in that opening trading range. The operative EW pivots: NAZ 2094..2109..2153..2177 and SPX 1226..1240..1254..1268 continue to contain the market as they have done for the past two weeks. Short term momentum is oversold, with positive divergences being set up as we near the 11AM hourly crossing. The sellers have been exerting pressure on the market again the last day or so, as the buyers sit on the sidelines awaiting the outcome of the meeting tomorrow. Best to your day!
INTERMEDIATE TERM: downtrend, but bottoming
LONG TERM: bullish