Thanks to a bank run in Britain, the US market opened lower but recovered fairly well by the end of the day. All in all, this was a treading water day before the Fed's announcement.
The 6-day chart shows the markets are still trading above the 38.2% Fibonacci retracement from a last weeks rally.
There are two other charts that are interesting right now.
This is a three-year chart of the gold ETF. This index consolidated for most of last year, but has since broken out of the trading range and is spiking higher. With a Fed rate cut expected, gold traders are concerned about inflation running hotter.
Oil's been rallying lately as well. There are two separate reasons. The first is supply concerns in the US. The second is a belief that a drop in interest rates will increase demand in the US. If this spike continues, the US consumer will be under more financial pressure from high gas prices which usually drop in the fall.
