Dec 14th & 15th Chart & Plan: Waiting on FOMC

In yesterdays note, I wrote bulls wanted to see a decisive push off 4660 and above 4685 into the close to invalidate the downside scenario, and bulls couldn’t do it. Core support was 4660 and after basically spending 12+ hours hovering there, it finally gave out and it has been quite clean downside since then. As I wrote yesterday, strong demand levels will see strong reactions. When price hits a level and doesn’t do much, or hits a level and bounces and fails, its usually a sign there isn’t much interest there. We are now into a major support cluster, with a *huge* catalyst tomorrow, and I think what happens here may dictate next several weeks or longer. Chart and Plan Below