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Wednesdays before expiration (especially on FOMC days) are special days.
Volume is split between 2 contracts. We have stops getting killed on both sides of indecision, and then a lot of chop, chop, slam…. chop, chop, slam…. It reminds me of the old Duck, Duck, Goose game. Only this time, retail stops are left holding the bag and can’t find a chair or get a break.
The witching hour appears to be the hour going into oil pit close.
The low yesterday was in the 2064 – 66.5 range that I gave in the morning, and as long as that holds this morning the bulls should test the daily middle band at 2090. The 5 DMA and 50 hour MA are at 2063 and 2062 respectively this morning and those are levels that the bulls really need to hold. On a break under 2060 I will be looking for a test of the 2039.69 low and we might well see a break lower into the 2020s. SPX 60min chart:
