On yields we have held some small levels of note. Are they of the same magnitude as seen when 109 held on Ty1? No, But they are decent day to day levels.
US 30 year yield-
4.27-4.28%- Horizontal support
On the US 2's 30's curve we posted a bullish outside day on Thursday and now have good resistance at +26.5 to +27 bp's . Above here suggests at least +33 bp's with a very good pivot at +37 bp's. Above here would suggest back towards the 59 bp's high seen in September as the 30 year yield turned up from the trend low on 17th sept (1 day before the fed meeting)
Equities
The game plan on Es1 is till for the rally to continue into the Fed meeting and potentially get to the rising upper trend line. It presently stands at 6,191 and will be at 6,237 on 18th Dec.
One tiny note of caution is that on the daily chart it is overbought and momentum has slowed in last 2-days but as yet that is not enough to question the trend higher.
On NQA the trend line is at 21,842 and will be just above 22,000 on Fed day.
VG1 (Eurostoxx 50)reached its target and the 76.4% pullback and should see good resistance now at 5,010-5,015
Commodities
Nothing on Oil as yet with the wide range still holding
Copper has risen above $418 and if sustained on a close targets at least $430-433
Gold would look better with a close over $2,666-$2,667 and suggest $2,720-$2,721
FX
Not a lot to focus on but maybe small bullish bias for the USD If we start to see longer end yields bounce further.
On GBPUSD there is very good resistance between 1.2822 and 1.2849
Overall
As Chris Waller said the CPI and PPI numbers on 11th-12th December will pretty much give them and the market a read on PCE later in the month
They clearly want to pause but to do so in December would need a strong catalyst which would likely have to be beats on thee numbers
While base case ahead of that has to be for a December cut that only makes it even more likely that it will be followed by hawkish rhetoric in the press conference
This gives me a little "Deja vu" with respect to the Fed meeting on 19th December, 2018 when a "hawkish Jay" sent the S&P down 9% into Christmas eve
Be careful out there.
