The futures are down a hair this Monday morning but not really worth noting. The big event this week is the FOMC meeting on Tuesday and Wednesday where traders will probably be looking for some kind of clues from the FED about the economy. Considering how this move up from last Tuesday still looks like some kind of B wave to me I tend to think it will be a "sell the news" meeting.
I haven't done a fact check study but just in the last 10 years I'd answer with 80% if someone ask me how many times does the FOMC meeting result in a positive close on the market versus negative. So if the market doesn't sell off in front of the meeting then I'm thinking this time around will fall into the 20% stat. There's still that FP on IWM lingering that about a point higher then the high on Friday, but the last time it got close it rolled over without hitting it.
It might do the same again to tease and trick everyone that see's the FP like I do. It will be hit at some point but "when" is something I can't answer. For now I'll just be looking to catch the pullback this week that retests the low of last week. I'm not sure yet if we make a lower low or higher low as if all the bears see it, and label it a C wave down (and I'm sure they do), then SkyNet isn't likely to let them profit from it. Meaning it would make a higher low so bears stay short and get squeezed on the way back up, as we know most bears will look to exit at the double bottom or pierce of it. Anyway, that's all I have for today. Have a great one and God Bless.
