The market (aside from VRX and IBB) is clearly waiting for the FOMC. For today nothing wrong with SPY action as it remains above all pivots, and could have broken down. ES in particular has "look of support." SPX is hanging on to its YP by literally half a point.

DIA also remains healthy and above all pivots, but volume today again extremely low. So how much to weight 3 days of follow through above all pivots when 2 of those days are the lowest volume days of the year? Not sure, but we should get more volume and a more definite answer tomorrow.

Simply stated, bullish if SPX remains above 2016 and better if NDX reclaims its YP at 4373. Anything under that and we're back to the ETF and futures support levels.

2 of 4 USA short ideas in the weekly strategy sum had decent drops today.