$SPY bear flag here w/similarities here to 2014 October
Note losing any form of log trendline support here. So SPY in danger zone with financials weak. So risk is high below 205.25. Close below this is bearish short term. If so would target 201.75 area gap fill or more likely 197 zone below that gets real dicey (and unlikely IMHO) - Not expecting much out of FOMC except verbage that Europe will likely extend time when rates in US will be raised. Some headfakes expected but watch closing number and financials.
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