One day left till the FOMC meeting. Yesterday started out soft, today the opposite.

Think the theme will be to push for a new high. Once achieved, they probably hold above 2475 SPX the rest of the day.

20170725_spx_65min

Nice two day move up from support in crude. It should push up to test both of the declining trend lines as the next steps.

20170725_cl_daily

The DX is testing the same extensions of the base ascending channel that set the high making this the last stand for wave ii of an ending diagonal. The large fourth wave is not in any serious danger even if it drops under the channel to 92.93.

20170725_dx_daily

Gold is stalling just under the first of the deep retrace targets which makes sense in front of the FOMC tomorrow. Certainly a good spot for anyone trading the bounce to manage. Probably too aggressive to fade until seeing how the market reacts to the news tomorrow afternoon.

20170725_gc_daily

Nice move down for resist. Wave ‘ii of (iii)’ may have completed. If this is true, bonds should begin to accelerate lower over the next couple weeks.

20170725_bonds_daily