SPY Update

As was the case yesterday, the market is pretty close to lock step with the Euro, which bounced off the N.Y. open falling short of the $1.30 level, which looks to be broke for the time being.

 SPY vs Euro, the Euro broke down a bit earlier, the SPY didn't quite fill the gap, but close.

 SPY 1 min showing the opening positive divergence sending the SPY higher, this has since gone negative.

 The 2 min chart remains in a relative negative divergence.

And the 5 min continues with a negative bias.

We should see some downside or maybe a consolidation here, I don't expect too much though before the F_O_M_C statement at 2:15 today, unless there's a leak out there which has happened before.

The FX correlation should be stronger in commodities like USO then equities until 2:15.