As you can see from the chart of the S&P 500 e-mini futures (ES), we are thus far trading as an inside day, helping to sustain a trading range that goes back to Friday afternoon. It would not surprise me to see that range hold up into the Fed announcement tomorrow. Meanwhile, the big breakout story for today is gold, which has sharply risen to new highs despite U.S. dollar strength. Oil has also turned around and is moving higher on the day. Relative strength among commodities is among the factors that lead me to believe that we could ultimately resolve the current trading range to the upside in stocks. The commodity ETF DBC, for example, is trading well off last week's lows.
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