The market is showing a slight increase pre-open, with the FOMC meeting and Microsoft/META earnings on the horizon. Small caps have been volatile, forming lower highs. A weekly chart indicates a possible exhaustion of a previous rally. Different phases of market activity are illustrated in a chart, with the most recent phase being lackluster. A China trade position is showing potential for a failed bullish breakout. The FXI is close to dropping below a crucial level. The trader remains cautious with 100% cash deployed in 25 positions, waiting to see outcomes of current events before making more moves.

Read more at Investing.com: Will the FOMC and Tech Earnings Break the Market’s Sleepwalk Rally?