The big Apple (APPL) has reported, not as bad as thought; pre-market is up. Now we take a seat and patiently wait for the 2:00 pm bus. The FOMC decision Hawk or Dove will be out at 2:00 pm today, rate hikes, up or up more and when. Knowing this information could help the market get off its fanny and make a move one way or the other. Yesterday the SPY closed with another indecision Doji, the 5hth one in the past five days. “Think the market is waiting for something”? The chart patterns and price action remains bullish as price holds over the 50-SMA and slides sideways. The price action is trapped between a bearish downtrend line and the 200-SMA and a bullish uptrend line and the 50-SMA. Unfortunately, neither the buyers or sellers have had enough juice to move price up or down. So we patiently wait sitting along side the road for the bull or bear bus to show up. The CBOE Market Volatility Index (VIX) closed above the T-Line yesterday, but the Red/Green Trendicator is still red on the daily chart. The VIX- would have to break out over the Trendicator to consider fear. There is plenty of reasons to remain concerned or even be sitting out of this market right now. I do remain cautiously bullish.
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