FOMC Meeting next week on the 16th and 17th.
The Fed wants to get off the zero bound, but needs to do it in such a way that they are not blamed for the next financial crisis, while ironically preparing to fight it.
They will most likely raise 25 to 50 basis points this year, or 25 this year and 25 next year.
Since next year is a presidential election year the politics of that will inhibit any policy actions after June or perhaps a bit earlier, unless some exogenous event compels them.
I have lightly sketched the symmetrical triangle on the SP futures chart for your ease of viewing. The markets will likely go with whatever direction they can break out and confirm from this. There already has been one false breakout that retraced intraday.
I see so much impetus in the polls that the voters are rejecting the status quo, particularly those icons of privilege Bush and Clinton.
Let's see if this becomes a trend that the political establishment and their mainstream media cannot control.
As for now, winter is coming, if we can but feel it in the cooling of the evenings. The season, and the times, are changing.
Have a pleasant weekend.
