FOMC

Today the Fed will make their announcement and it will be more critical than usual at least in the perception of many. Yesterday saw very low volume and volatility that should pick up today through the end of the week. Technically we failed to get above the 1130 area and are down overnight. The daily CCT is at +126 and becomes more overbought everyday although if we close above 1130 the daily can really climb and maybe challenge the highs of last year. Be very careful today as the risk is great, the next couple of days should give a better indication as to what direction this market wants to go for the intermediate term.