Apologies but I had to take my son for a medical appointment today so was unable to publish the Daily Morning Brief on time - here it is. You didn’t miss much - the markets are essentially on whole until tomorrows FOMC.
Market Overview
SPY is now six straight closes below the 21 EMA and today’s close at 757.39 also puts it under the 50 day at 759.05. The 8 EMA at 762.18 and 21 EMA at 763.82 are converging from above, which is not the setup you want to see in a healthy uptrend. VIX sitting at 17.5 keeps things orderly for now, but the tape has clearly rolled over from the early September highs near 774. Until we get a reclaim of the 21 EMA, this is a downtrend and bounces should be treated as sells into resistance rather than new entries.
