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Triangle Pattern intact, with SPX directionless into next week, despite recent volatility

S&P managed to rally a bit by Friday's close, but still managed to close lower by 0.35% and the earlier triangle pattern remains intact.  Most of Europe remains far weaker with European bank weakness and SX5E finished down 1.3% for Friday, bringing this to the lowest levels since late July-  For now, US indices have ground sideways most of the week following the initial early week volatility but it's still tough to argue that indices are out of the woods completely and VERY tough to argue its right to be long ahead of next week's FOMC, where the FOMC seems conflicted as to whether to hike or not, while most global indices have been trending lower for the last two weeks.  Breadth improved steadily throughout the session, finishing only a bit shy of 2/1 negative, while only -2.5/1 volume flowed into declining vs advancing stocks.   Energy Financials and Industrials underperformed as might have been expected with only Healthcare and Utilities showing strength, the Utes to the tune of nearly 1%.  For now, it's right to still play "DEFENSE" in this market given the deterioration in momentum along with the uncertainty of the FOMC plans, and favor the "safe stocks",  Utes, Staples, which have begun to show better relative strength of late.


BELOW is the pattern guiding the near-term S&P structure.  For the bulls.  a decisive move back up above 2144 is needed, at a minimum, and Can't afford to let prices slip back down under recent lows, which would produce a quick decline down to 2100 or slightly below