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The short term trade set ups seem pretty clear, but with that Fed Wednesday Meeting rapidly approaching, the end of the week could host a number of reactions. Lets see how things are currently unfolding .
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SPX - This bearish wedge was forming last week (March 9 chart).
The SPX did drop quickly and recovered last week, as seen here. Is this still a wedge though?
The Fed Mtg is approaching and could affect the outcome.
Read MoreWell, after several weeks of good trading , it appears again. Yes, I'm taking about that Elephant in the room - only this time things He's levitating as we head into the Fed Mtg this Wednesday. Lets take a look at our markets, keeping in mind that we do have a Fed Meeting this week.
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SPX - I see a rising wedge and on day 20, we could drop to a 1/2 cycle low. So we could drop heading into the Fed Wednesday or possibly see a drop after?
I mentioned something important last week and I want to remind friends of that here...
Read MoreQuick update on the Pullbacks...
SPX - Remember that Wedge from March 9 below? I still expected it to run to the 200sma , and then a drop to the 50sma in a 1/2 cycle low.
SPX - The 2 spike down days could be changing the way that lower trend line looks. The SPX has the run up /sideways/ run up/ sideways look. It is in a congested resistance area, this as it heads into next weeks fed mtg. That is where it bears watching ( For strength or weakness).
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