The market is steady or stabilizing? from this overnight session.

Europe stocks are advancing per latest news reports.

Might be the start of the Santa Claus rally?

Who knows, let's see in the regular open how the market reacts.

After closing at key support yesterday, today we broke through it as investors and traders throw in the towel as hope disappears for an end of year rally.

With the bulls’ backs against the wall at the 20/50 day moving averages, we were at the point where we should have seen the bull camp mount a strong defense. And, while the probabilities were very high in my estimation, instead the sell pressure continued unabated.

What we saw today was more of the same ugly price action that continues to justify a defensive, cash-rich posture. Although greatly hesitant to do so, I must also caution that the price deterioration has now risen to the level that we’ll be fortunate if this is just another swing reversal amid the larger trading range as risk is also increasing for a crash-like fall. While I don’t say that without tremendous hesitation, I have to at least put it out there for consideration because when the market doesn’t trade the way it should and price continues to steadily deteriorate in this manner, it means we’ve got to do our job and put up every defense necessary.

Make no mistake – the market is now guilty until proven innocent. While it is still possible that we will still see an end-of-year rally just to screw those who’ve finally given up hope this options expiration week, until the price action shows significant improvement, man those battle-stations and protect your capital.

Courtesy from Kirk Report

Exited the trade at 11835 for a loss of 10 points...price action not looking good...

Moving the stop to 11820...

Bought YM at 11845 with stop at 11815...for a long trade...

The market tumbled again today as shown.

The Fed meeting did not work wonders for the market, instead it pulls down the market further.

Don't see any upside in the coming trading days.

Let's see by tomorrow if it will stabilize.

The market is recovering from its slump (Monday's trading) as shown from the overnight session below.

A positive open is most likely ahead of the Fed meeting.

Expect a volatile market today's trading whereas the participants will tangle what direction the market might headed as per Fed outcome.

But whatever the Fed might come out, the participants are already used to it.

The market is a news driven sentiment anyway.

The market is in consolidation range, but I can sense it might rally before the year ends.

Santa Claus will buy the market this Christmas!

Anyway, let's see how the market will react from helicopter Ben's (Bernanke) action.