I am undecided on direction for today simply because we have the FOMC announcement today at 2:15PM. I don't suggest trading prior to that announcement (if you are trading the indices). I suggest careful and decisive trading based on the reaction. The full reaction should take 30-45 minutes.
The SPX is in a downward channel. As the day progresses, note that we are near dual resistance levels (on the 10-day chart). We are forming a flag that is most clearly visible on the multi-month daily chart.
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