The levels of interest today are the old high in the S&P of 1337.50 off a continuation chart. We traded there this a.m. and it is important to monitor for a potential double top.

109.50 CAT is a level that needs to be breached and maintain above for further broader market strength. This is a weekly pattern with a potential double top. Price action needs to be seen above here for a re-test of the April high.

Silver..The volatility should continue to be high making it a day traders paradise. The only low risk BUY level is 41.77-42.05. This level at least has definable risk for the longer time frame trader.

Yesterday saw us lighten our risk profile dramatically across the board. Everybody is waiting for the FED Q&A tomorrow and so are we.