Yesterday was a slow summer day, and on the first day of a two-day Fed meeting that is to be expected. Ahead of the announcement at 2:15 today action should continue to be slow, but the last hour today should be interesting in determining whether the bears can take the market well below its recent uptrend.

Leader GS diverged and small stocks popped up the last several trading days so we were forecasting the breach of the uptrend that came yesterday, but it takes time to stay below on the first try and will be hard to do until after the Fed announcement.

Big cap tech looks ready to head down after prolonged strength, with AAPL looking interesting and BIDU, with a faltering Chinese market, ready to go if the rest of the sector shows weakness. Casinos put in pivot high and need time to rest. Trading financial ETFs FAZ (short) and FAS (long) has brought success to a lot of traders if you can handle the exaggerated price action.