FOR WEDNESDAY: (9/19) Usually a week before FOMC we get congestive whippy ranges and we are starting to set up for that. Not seeing S & P much above 2921 on Wednesday but starting to look like stocks, gold and crude and T-notes are higher into Friday and dollar lower.
DEC. E-MINI S & P 500
S & P ANALYSIS FOR WEDNESDAY: (9/19) Hard to see the market up on Wednesday and Thursday is probably initially higher but then lower. Patterns project 2921 and then a max. pullback to 2905 if 2908 comes out so probably a day-trading short day. Any positive explosive developments and could see 2938 and 2948 but unlikely a week before FOMC. NQ is having a more sickly bounce, and that isn’t a good sign. Chances are we’ll have to sell in the morning near 2921 if the market behaves. The S & P still needs a 53-point C-wave correction from the recent rebound but much more to the upside above 2920 and it won’t happen.
CYCLES OVERVIEW: Lower into Wednesday; recovering part of Thursday; higher into Friday.
