All eyes are on the FOMC’s upcoming rate announcement and press conference today. The slumping yield curve, buoyant 10-yr and lethargic dollar are testament to investors’ angst over the Fed’s game plan.
Is there one which can keep inflation high enough (but, not too high), prop up the US dollar, keep interest rates under control, keep the market elevated and actually improve the economy? Not likely. Meanwhile, politicians have tripled the degree of difficulty by approving a sharp increase in deficit spending.
I suspect we’ll see the usual mumbo jumbo regarding a steadily improving economy, tightening employment without wage pressure, and additional rate hikes being data dependent, etc. 
In the meantime, our analog just keeps chugging along. SPX’s latest dip was halted at the important 2.24 Fib extension as expected. 
But, a big part of the equation continues to be Facebook, which nailed our white channel line and rebounded to the neckline of a bearish H&S Pattern.
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