After that vicious selloff, the market is now in wait and see mode – levitated by OPEX this Friday and next week’s FOMC meeting.continued for members…

For traders, this usually means a flat or rising market. Though, with rising fears of a 100 bps rate hike, I wouldn’t assume it’s smooth sailing until then.

Keep an eye on ES’ neckline at 3917ish. Nothing much has really changed with our factors. USDJPY is still holding its uptrend……the EURUSD hasn’t yet broken down… …and DXY hasn’t yet made new highs. GC is testing its July lows. I’m still looking for new lows. If 1670 breaks down, 1588 looks likely.Unless SI can break out of the falling red channel, it has exposure down to 15.66. And, BTC could be trading at 11,277 in fairly short order.Oil and gas are reversing sharply, but holding their SMA10s for now. I’m still looking for another leg down for each… …perhaps in an effort to prevent new highs for the 10Y.

GLTA