Today is a Fed Day and all analysis takes a back seat to the expected 75 basis point hike in interest rates and the nuanced interpretations of Fed-speak going into the last 90 minutes of today's session. Underneath it all is this EW pattern on the 120 minute SPX chart, suggesting that retracement Wave 2 is complete and a brutal Wave 3 down is next. The key level to be watching is SPX 3800 which if broken tilts the board badly for the bulls. Worth keeping an eye on going into the close. SPX 120 Minute QQQ 30 Minute QQQ has been finding its own path to the same forecast as SPX above, illustrated on this QQQ short-term chart. The break below 275 yesterday should lead to taking out the October 254 low sooner rather than later, Fed related volatility or not.
