Another pre-FOMC chopping week as we have seen in the past FOMC meetings this year. Clearly we are in the downtrend, but the questions are:
1) do we get capitulation down to 4000/4050 (potential bounce)
or 2) do we bounce to 4350 after 4 weeks of selling and fade?
Most likely chop between range 4120 - 4300 and then a direction will be picked for us post FOMC...