Support for the SPX drops again to 1090 and then 1061, with resistance at 1107 and then 1133. Short term momentum was oversold at today's lows, and ended the day with a slight positive divergence.

The market continued its pullback from the pre-FOMC statement SPX 1116 high. Most of today's damage was done in the first hour of trading and the market drifted a bit lower heading into the close. Several potential short term counts are now in play: a retest into the mid-1080's for a quadruple bottom consolidation, a wave 3 rally from current levels counting SPX 1086-1116 as wave 1, or a total breakdown from the SPX 1116 high. Option expirations can often be quite volatile. The answer to either of these three potential scenarios should be forthcoming shortly. Continue to monitor the OEW pivots for guidance.

The Dollar Index has made its way to a 0.2% gain, but oil prices have put together a solid start to pit trade. Oil prices were last quoted 1.8% higher at $73.95 per barrel. Gold prices are under a bit of pressure, though. The yellow metal is currently down 0.2% to $1104.50 per ounce.

Source: The Fabulous Life Of Billion Dollar Wall Street Ballers