I was going to do Asian markets this week but the US is far more interesting chart wise. Not much to say except that the next move will be determined by how the market views the statement from the FOMC on Tuesday. Quarter close is fast approaching so we may see some window dressing beginning late this week after the trend is established.

Charts and breadth are telling two different stories.

The NDX broke out on Friday the broader Nasdaq held its ground and underlying breadth is weak.

The NYSE is holding steady at resistance while underlying breadth is strong.

The Utilities turned lower last week and now stand at 50 day moving average support. One possible bullish sign is a bullish doji star late last week.

Add in the AAII Sentiment Survey showing 50.89% bulls (up from 20.74% just 3 weeks ago) and 24.26% bears (down from 49.47% 3 weeks ago) the best advice for the coming week is to tighten up stops on all positions until the trend establishes itself after the FOMC meeting.

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