A not surprising snoozer ahead of tomorrow’s Fed meeting and resulting word salad announcement. So far, today looks like an algo/gamma selling program winding down like a vine from the open. There is a bit of percolation going into lunch – maybe they can turn it here. But the internals are in all-out failure mode.

Keep your stops tight. We are selling target to target. The 15-minute chart has dropped below the 21. The next target is the triple POC at 4228—no follow-through from yesterday and fairly compressed range expansion. Long inventories are building out there as a result of the marginal breakouts we have been experiencing. If they all head for the exits simultaneously, that will give the bears an edge.