Analysis Before the Big Game Later Today

In front of the FOMC later today, the market is modestly fading an opening pop. The small caps in the Russell 2000 Index were the first to flip red, and other indices followed suit not too long after. Precious metals and miners are largely consolidating recent gains in a fairly benign manner, while natural gas and crude still struggle to sustain so much as an oversold bounce. AAPL and YHOO led the earnings rally, and both are green as I write this, though well off their morning highs. BABA, related to YHOO, on the second daily chart, below, is still at risk of a GPRO-style wipeout below a similar technical setup. Some more follow-through lower below $100 should add credence to that thesis after a retrace up the scene of the highlighted breakdown area. As for the broad market, the SPY 30-minute chart, first below, shows another consolidation below the uptrend breach. I am still holding my SDS long, the ultra-short ETF of the SPY, until proven wrong that this is another bearish consolidation ripe to break lower.