Over the last 12 hours, I've spent so long staring at charts that when I look at a blank wall and blink rapidly, I can see the ghost image of price patterns. Since I've run out of time for verbose text, I'm going to be light on words in the body of this article, and let the charts do most of the talking.
Today is, of course, FOMC day -- which means anything goes, and, as is often the case on Fed days, the market seems to have reached an inflection point.
Let's start with COMPQ, which served well as our canary, and which has now officially captured all of my bearish if/then targets (with ease):
Next is INDU, which reveals what I believe to be the most relevant conundrum from an Elliott Wave perspective:
The view of INDU from 10,000 feet takes note of an interesting test underway (continued, next page)
RUT is in the vicinity of where it might form a bottom -- IF the bull case still holds any water, that is:
Finally, the SPX chart focus is more on (moron?) classic TA, since INDU's chart already bears the burden of the micro-counts:
In conclusion, there isn't much to add down here. If the decline is simply a correction, then it's in the zone where it could bottom -- the first thing bulls want to see there is sustained breakouts from the down trend channels. If it isn't a correction, then bears are likely just getting warmed up for an intermediate decline. It's interesting to note we seem to have reached an important inflection point as the market awaits more info from the Fed. Trade safe.