1601 mentioned in play

1601 mentioned yesterday is in play- 50EMA with fund managers end of quarter window dressing

Bounce in Effect

Bounce in effect due to window dressing in to the end of quarter. Money managers favorite game in deed. look for a test into the 50ema line for resistance with is still 1601.

FED

Gold and silver crushed because of the FED news- I find it so funny but people don't understand this market upmelt is all because the FD is in the marketplace supplying huge load of cash. Cash is not endless and when the FED starts pulling away the candy like it hinted at yesterday all the bricks will fall once again.
Folks loading up like everything is ok, oh yep right!! watch the FED, they are the key to all of this as I have said numerous amount of times.

Update

Recap:  Early chop leads to a dip after the FOMC meeting announcement as the market closes on its lows. volume came up and breadth was pretty Bearish.

It was super choppy early, but Breadth could never get going, which I guess was a hindsight clue.  At the time, it was just boring.

For today, we are oversold, and into support.  We've turned into a rangebound market here, so a chop out into the weekend would not surprise me.  I don't want to even make a lean one way until we see a move away from the current slop.

For today, weakness is a buying op with confirmation, but again, I won't be hanging around long if we cant get some follow through.

1640

Trying again to take on that 1640 area. Markets are still coiling so not much to do yet but I am still on the bullish sign as long as we are above that 5Oema sitting at 1602 area.
Here is a time to be patient as I just see coils
SOHU and ICE are two coiled plays

Update

Definitely the bounce off the 50 EMA proved to be a floor again- we are 40 point above it and just like the last time we hit the 50EMA market bounced hard-

Update:

CTRP new highs
MGAM new highs

not a lot of action but we are still coiling close to the highs so definitely leaning long on strong sectors like bios.