We had a huge risk off move across the board to end the week ahead of the FOMC on Wednesday and Thursday. It seems that the bulls headed for cover and were not willing to take a chance on the Fed getting it right.
$DJIA, $SPX and $NDX daily futures charts all have double tops.
$DJIA weekly rejected off the domed house and confirmed a bearish kumo breakout.
$JNK v $SPX daily junk broke down with another big gap on volume. SPX wedge broke down.
$NYMO is below the -60 which is the heavy bearish zone. You can see a major correction from here.
$SPX daily with $SPXA200R shows that breadth was improving but has broken down again on Friday.
$SPX weekly wiped out all of the post Paris terror attack gain.
$VIX daily has had a breakout and gap up.
In total quite a bearish outlook. Not at all what the Fed would have been hoping for or maybe it was. Maybe they raise by .25% and save the day and there is a massive short squeeze and everyone lives happily ever after. I don't know. We have to wait and see.
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