Market Update before F_O_M_C Radio Silence

I'm not going to be posting too much between now and the F_O_M_C, looking for any hints there's a leak. Right now the QQQ is flirting with breaking below the bear flag, the SPY and DIA have bounced a little off the lower trendline (support) of the flag, but the intrtraday readings are not impressive, this looks VERY much like a holding pattern before the F_O_M_C.

However, I may post 1 more time, looking at volatility, there are some signals that I showed last night that are interesting, of course there's going to be some buying of protection before the F_O_M_C, but if it looks to be more than that, considering the short VIX trade (how massive it is), this could be one that flies with the right (or as the market would take it, the wrong) wording from the F_O_M_C, basically anything hawkish, anything that suggests ZIRP (rate policy) may not be in effect until mid-2015 as is the market's consensus, this would be due to hot inflation and diminishing real wages. The F_E_D has met and surpassed their mandate, inflation has to be a concern as the trend over the last 4 months has been very hot, the trend over the last year has been high and extra high over the last 8 months, to cool inflation, RATE HIKES, the last thing the market wants to see, just look at the correlation between rate hikes and markets turning to downtrends/bear markets.

The charts...

 IWM bounce is not seeing any confirmation intraday

IWM's larger trend since yesterday going negative is holding.

Q's had a small positive intraday, but haven't done anything with it, again, like I said this looks like a holding pattern.

SPY bounce is showing distribution intraday

And the longer term intraday charts are no better.

The 3 min is even looking worse as if the bear flags will be broken to the downside. If it weren't for the wild card of the F_O_M_C, I'd say this flag would break to the downside without a head fake move, we'll see if the knee-jerk makes a move in that direction, but as of now, I'd say there's a mild negative to tone in the bear flag.

I'll be looking at volatility a bit more closely, if I decide to enter a position before the F_O_M_C, I'll let you know of course.