Look for a battle for 12666 to hold on the ym, should a rally back up there and a lot of action there.
This has been a low volume undercut of the previous lows. But can't consider long side until I see drop in VIX. and some chart display of basing/head and shoulders. I don't think the Fed's going to do anything, bt if they make any sort of an announcement 2:00 seems like a good time because NYC, Chicago lunch hours will be over and West coast will be 1 hour before lunch. Curious to see if 1375.00-1373.50 can print usually see a bounce.
Edit: Well I was right ... for about half an hour .. lol. (ES climbed about 15 points off that 10:30 low, of which I managed to grab about 8) Currently vix @ 36.78, ES 78.50 12:58pm
believe me, I know you can't predict a pattern, but the 1375.00-1373.50 level just printed and if past patterns are of any worth, this can be an intraday head of a shallow head and shoulders (inverse). I don't know whether it'll happen but it printed and that's what I was looking for. I have no positons right now. VIX has to drop like a rock for potential price upside.
Another opportunity might be oil - its retracing to an attractive level as a position trade, and we are heading into hurricane season.
From the Marketwatch.com web site: "This market is going down like free beer. ... I would say if there had been a day when we're trying to price in a worst-case scenario, this might be it." â Art Hogan, Jefferies & Co. I like drinking up the free beer! Just wanted to share.