Bearish

They could not hold 916.50 even for a second. The volume was much larger to the sell side, especially after the nine o'clock data came out. I am bearish for the rest of the day. Look at the chart for areas of support on the way down. I will be selling rallies up to and into the single tics. Watch for big sell orders on the cash close.

FOMC

With today being the FOMC meeting I am not looking for any technicals to be working to well this morning. I am still bearish, but not taking on any short positions until I see how the market reacts after this number. I have support below at 870.75 below and resistance above at 911.50. We also have single tics that have not been filled in yet from 902.00-904.75. If those do not get filled today I will be looking for 870.75 within the next day or so. On the flipside, if they get filled I am looking for 911.50 to be tested.

Single Tics

Now that we have come close to hitting the 200 day m.a. (888.50) I am cautious about being short down here. I am still bearish unless the volume picks up on the upside. We have left single tics the whole way down today which leads me to believe that we keep breaking. Just being careful of any short covering rallies late in the day.

Leaving Single Tics

We are now leaving single tics in todays range. If they fail to fill those single tics in we should continue to break testing support at 905.00. If that fails I am looking for the market to test the 200 day m.a. in the mini at 897.00. Selling rallies in front of and into single tics.