Monday’s trade was for the most part in line with expectations for the pre Fed meeting days. Initially off the opening there were several decent moves that produced profitable moves – however, there were more scalps than small swing trades. The S&P did move down to a slight new low over Friday during Globex at 3846. I have marked this as the completion point for Minor wave 1 of Intermediate wave 3. The NQ did not push to a new low, but remained within parameters for a Minor wave 2 bounce.

I discuss what to expect for tomorrow with parameters for the continuation of Minor 2nd waves. Once complete expectations would be for the Minor wave 3 of Intermediate 3 to kick in and when it does the market should once again begin to drop with “purpose.”