A few comments:
NYMO is presently lodged in the Oversold Zone.
This is fairly rare. What lies ahead?
Generally, a low of some kind is due. It may be temporary or a true low.
However, sometimes you get a waterfall.
It is counterintuitive, but crashy times can emerge from oversold states.
With FOMC ahead I am inclined to think a low is ahead.
The October low is also approaching. Bulls will want to defend that. Thar be stops below...
There is also a big gap from the July low waiting to be filled at SPX 4258.49.
All that said, I have no idea what will happen.
I remain short SPX and R2K.
I will be watching for a NYMO up tick or a short time frame long setup to consider hedge longs.