Traders Pare Down Pre-FOMC
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This week has started off on a defensive posture which can mainly be attributed to players squaring a few positions prior to the FOMC announcement on Wednesday. Last week saw the US equity market led by the Nasdaq advance out of their longer term trend channels and now await their next cue from the FOMC. As far as the SP500 you can see that we are hanging out just above this down trend channel:
