Looks like we're going to be bouncing in range for a little while as we form this right shoulder -- after the Fed cut, we should see some action that could take out the neckline of this H&S to god knows where. Safe trading everyone.
We've bounced off the long-term bull trend support twice in the overnight session and today, the Friday of a very ominous weekly candle, will be a very important day for the market.
If we break through, expect a march back down to 278-282. If we stay above it, expect some waffling in the 288-294 zone anyways -- fear is back.
At the time of this writing, looks like the play is to short; be careful on the long side though, wait for confirmation, because there's a ton of momentum on the downward edge of this box and we don't know when it's going to break.