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Stocks testing support ahead of FOMC min, w/ minor rally in USD

FROM EARLIER THIS AM:  8:30 am-   Near-term Trend remain negative in Equities with Prices pushing down to just above levels that have held since mid-March, as 2027-35 have contained declines on each of the pullbacks-  Just in the last 3 trading days, S&P FUTURES have moved 55 handles, yet just 2 ticks away from 5/5, nearly 2 weeks ago.  Look to cover shorts for trading near 2030 initially, but closes UNDER 2027 likely lead down to 2007-8, a stronger area to consider buying, despite the break of support- PIVOT at 2050 today, and resistance on move above this hits near 2062-3-   Most price action somewhat subdued as might be expected ahead of today's FOMC minutes from April, but US Dollar catching a small bid as rhetoric from both FOMCs Lockhart & Williams said 2 hikes might be warranted- Given past history, meetings have never been as hawkish, so these gains might disappear and allow for metals rally to continue after 2pm-  For today, ongoing weakness in China and Asian equities but not much change in Treasuries, Bunds.   In the last 48 hours.  We've seen notable weakness out of Consumer Stocks, along with Small caps which appear to have taken another leg down vs broader mkt-  and NASDAQ lies near key area, with the next couple days deciding whether prices undercut 4300 and make minor new lows, or if 4400 can be exceeded and allow bounce to continue-  Most cycles support a turn in the next 3-5 trading days, so given our recent weakness, this should turn out to be a Low-  Longs to consider:  GDX, ABX, LGCY, CDE, AMZA, CPB, RTN, CRL,, MDT, GPN, DG, while for technical shorts.. Consider FXI, TAN, BBBY, GT, GPS, MAT,  SQ, RL, HOG, EA, ATVI.

IN 3 trading days, S&P has moved 55 handles, yet remains right at last Friday's CLOSE, and similar to levels hit back on May 5, nearly 2 weeks ago.  So no real change.. but this area at 2027-30 DOES seem important and tough to call a Head and Shoulders until in fact, its broken-  For now, price trends are mildly negative, but nearing support

Tough to make a strong case for TIGHTENING twice like the 2 Fed governors have done in the last couple days and similar to prior meetings, this hawkishness very well might be erased post FOMC which would cause a reversal in the US Dollar back down and a rip in Precious metals-  For now 2s/10s curve at the lowest in multiple years after pulling back hard in the last 2 weeks

US Dollar index up against good resistance, we'll see if we stall out here..  but technically this area does look important