In the market this morning, traders are sitting and waiting for the statement from the Fed coming this afternoon. The charts below are updates from the situation we have been following the past two days with one notable exception. The bottom right chart in the top chart cluster is a day 5/50 EMA juncture (5 red / 50 turquoise) that the bears have set up for a "v" bounce should Yellen's statement contain anything that the market really doesn't like. This is the primary reason the market is flat in the hours before the statement instead of the traditional float up. The VXX 5/50 setup shows that traders are keenly aware this market could reverse back down in a heartbeat if it gets spooked this afternoon.
click on image to enlarge
Trade well my friends
Alan
