This could boil down to the most important week of the year... and the FOMC meeting the most important day? The goal today is for the bears to take out last weeks' low on a closing bases, and the bulls need to save it. It might be a fierce battle this week between bulls and bears and it could hinge on the FOMC meeting. Yes, the market knows the Fed's plan to raise rates again but it's main focus will be about what's in store for next year. So what Jerome Powell says about going forward in 2019 is what the market will be focused on.
I don't know who is going to win out between the bulls and bears this week but for the first time in many years it's bulls that are backed up on ropes right now. They are near a critical level and if they lose it we could see a free fall down much, much lower. If there was ever a week where we could see a crash it's this week. So it "do or die" time for the bears as well as if they can't break support before this week ends then I'd say the bulls will turn it back up after Christmas and never look back. Anyway, I'll keep this post short and just see what happens today. I'll give more of my thoughts in the chatroom as the day goes on. Good luck to both bulls and bears today.