This is the week where the market should start down, and accelerate into the expected low window of 9/22 - 9/24. The FP was hit last week and pierced a little as it commonly does. All eyes will be on the FOMC this week, so we probably won't see too much on the downside until after the meeting. I still think we are going to drop hard this week and next but it should start slowly. Below is a chart of the SPY with my thoughts...
If I'm wrong we'll start another powerful leg up to 6700-6800 after the meeting instead of tanking. But everything tells me we are going down, not up. The cycles point to a down move the next 2 weeks, and I have no reason to think this time will fail. The "how much" is the hard part to know, so I guess it's possible that it's really small, but considering how overbought we are I just don't see that happening.
Have an blessed day.
