A weak open following dismal new home sales data. The markets bottomed near the 50% retracement of June rally in early trade, but the bounce lacked conviction ahead of the FOMC. Markets became choppy following statement, leaving us with a second distribution day. The lower shadow on today's candle could be a short-term bottom, but we need to see more conviction tomorrow, otherwise, it could be a pause before we move back to $107.00 on the SPY (see chart further down).
The $USD vs. Euro looks constructive.
Gold found support on the lower trendline of the ascending triangle, but here again trade became very choppy leading into FOMC. Watching to see the strength of a retracement as a leading indicator for the markets.
ABX found support on initial test of bullish gap from last week. Early thrust was promising, but resistance at pivot point P, held throughout the session.
CF forming C&H pattern on the daily - looks ripe for a break.