The markets will be in a holding pattern again today as they await the FOMC statement and the results of the Treasury auction.

Clive Corcoran would not be surprised to see the S&P 500 drop to a retest of the 875 level where support could be found from fund managers looking to put some beaten up stocks in their portfolios for the end of quarter.

Clive Corcoran writes that the S&P 500 is looking less sure of itself than it has for some time and suggests that monitoring the VIX levels in coming sessions could provide some useful clues as to near-term direction.

Clive Corcoran focuses on Ichimoku charts for several sectors and indices which are at critical levels.

The most obvious conclusion to be drawn from the patterns on today's charts is that the sideways drift since mid May, and the declining volume during the rolling top phase, now appears to be giving way as sellers are stepping up to the plate.

The chart for SLV, which is the exchange traded fund for silver, shows the sharp losses since the recent high in early June, but Clive Corcoran would expect silver and gold to be worthy of attention when those hedge funds specializing in the commodity re-inflation scenario decide to move aggressively again.

Dupont (DD) is revealing a bearish flag formation.

XRT, the SPDR version of a sector fund which tracks retail, is revealing some negative momentum divergences.

Clive Corcoran is currently focused on two themes: the big moves in yields at the long end of the Treasury spectrum and the relative out-performance of the small cap stocks against those in the S&P 500.

AngloAmerican Gold (AU) should find price support in the region of $38 in the context of a bullish pullback pattern.