Commodity weakness represents buying opportunity

Tuesday’s bounce attempt ahead of Wednesday’s FOMC meeting didn’t accomplish too much technically and until this range is broken, it’s right to think of Markets as being in “No-Man’s Land” with key support at 4157 and resistance at SPX-4300, then 4416.   Given the downward sloping momentum and ongoing three—month downtrend, it’s right to view rallies as selling opportunities until proven otherwise.  A move above 4416 represents the first time where it’s right to respect a bounce as having the potential to lead higher.   At present, this structure remains bearish and is thought to eventually lead back to new lows for a final flush.  Therefore, keeping a close eye on 4157 is important heading into/after the all-important FOMC meeting Wednesday.  

Commodity selloff seen as offering buying opportunity

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