7:17 am PST. Barclays High Yield Bond ETF, JNK, is having a lot of block trades this morning, about 3.3 million shares block traded from 36.24-.28. The pattern is similar to HYG. Not sure, but it could be short covering rather than outright selling. We are below those trades now on positive divergence. It will depend on the close.

7:06 am PST. HYG has broken below the trendline which makes me biased towards the bearish side now on SPY. BAC is just going sideways. Perhaps too early to tell until the Fed.

7:00 am PST. GDX is catching a little bit of a bid this morning and could make a new high, while gold and silver are selling off this morning as the dollar catches a pop higher. I think tomorrow’s Fed announcement is going to shake anything gold-dollar related.

6:54 am PST. LUV is having a more serious correction and could go to $50.

6:19 am PST. E-minis down this morning after what looked like a bullish close yesterday. The market is just going sideways waiting for the Fed tomorrow.

1:01 pm PST. Spy consolidated in a really tight range today and closed in a bullish posture for tomorrow. TLT continued its slide.

7:40 am PST. I feel like I have been waiting forever for BAC to go to $26.25 on negative divergence to finally complete this wave (3).

7:36 am PST. GDX is bumping its head up against resistance and probably headed to $20.35.

6:47 am PST. TLT continues the slide after the bounce. SPY probably more consolidation today.

1:05 pm PST. This week was a good one for short sellers in so many different markets from gold and silver, to oil, to U.S. indices, to the U.S. dollar today, and even some emerging markets.

SPY closed well and it looks bullish. Have a great weekend!