If the S&P 500 is above the 2,200 level, how can they not hike? It would be indefensible.
Up to now, the impulses south on the charts have all been impulsive C waves of various corrections. But they have given us important clues in terms of the slope and violence of these declines. A real impulse wave down will be longer and more sustained. The C wave in this series will return us to the 800 level on the S&P 500.
UVXY will have its reverse-split next Monday, I believe, followed by a couple sessions of pain as it sheds roughly another third of its real value from where it closed today.
Keep trapped shorts in your prayers. They have another week in purgatory. I'll be interested in August week 4 SPY puts as we head into the next Fed meeting