Futures are flat as we enter a data-laden week accented by Wednesday’s FOMC interest rate decision.continued for members…

The key level to watch continues to be SPX and its 2.24 Fib at 4883.58. Currencies continue to suggest softer equity prices, with EURUSD entering its 9th session in a row at or near its SMA200. Though USDJPY has a clear path to 159……leaving DXY at its SMA200 for the 10th session in a row. Despite the deaths of 3 US troops in the Middle East, oil prices are fairly calm this morning – which benefits interest rates. Now that CL is right at its SMA200, it will be important to see  how it responds. RB still has a little ways to go. This is the 10th session in a row of the 10Y sitting just above its SMA200.The 2s10s continues to go sideways…

…as the 2Y and 10Y remain tantalizingly close. I continue to watch the XLU cycle, which seems to be back on track and suggests an interim top in interest rates around Feb 15.

This also suggests a downturn in equity prices between now and then. UPDATE: 11:00 AM

Just…wow.