Stocks Eyeing FOMC

Stocks broke down from our bearish butterfly harmonic pattern however they are clinging to support at 4248, where they've been hovering for the past week after the NFP results (roughly speaking). A proper breakdown from the butterfly pattern should take us to a 50% Fibonacci retracement of CD, or the length of the last segment. We clearly have a way to go here, and we will need confirmation from the FOMC. Virtually all assets are holding off for this data point this afternoon. Hawkish rhetoric could send us on our way to this 50% retracement which would put us somewhere around 4178 or 4169. If the Fed is still accommodating, we may see new highs, staving off the sorely needed correction