The put/call ratio has spiked from oversold but it has some way to go until overbought again:
With the Fed announcement on Wednesday afternoon, I think the ratio supports an advance to 1300 for the SPX.
I have drawn the expected path below:
A sell off today at the open, to around ES 1275, will represent a good buying opportunity.
Longer term, I think the IT top is starting to take shape. Last week was volatile and I also expect to see weakness on the next rally.
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