We quickly lost momentum and fell back down into the and lower. This is NOT a good sign. formations denied become .
The market is scared of the action-packed week's data - specifically the FOMC decision tomorrow. I'm therefore cautious going into this week: if we fall sharply today and tomorrow on news that the market hasn't priced in, that will set a tone for the beginning of February and MIGHT produce an high waterline for January. I will not call the top, but it could mark a multi-month pause or consolidation.
The 26k level will be key to hold and bounce from this week.
The 24.8k level will be key for this month. Watch were we close on Wednesday to judge the tone for the next month.
I am neutral for now.