The Cash SPX Presses Into Important Support Ahead of the Fed Meeting

Today's weakness has pressed S&P 500 (SPX) into the 2020 area for the third time since Oct 20, which qualifies 2020 as a key, near-term support level that must contain further selling pressure to avert downside continuation towards 1950/40 next.

Will it hold?

One look at a couple of medium-term Momentum Gauges (below), and we have to view the viability of 2020 with some skepticism.

A break of 2020 does not have to happen today, but the anecdotal evidence is more compelling than not—that, at this time, to refrain from adding any, new, long-side exposure in equities.