Last night, US stocks took another dip, with all three major indexes closing in the red. It’s not that anything major happened—everyone’s just waiting. The Fed is meeting at 3 a.m. this Wednesday.

To be honest, this meeting feels pretty tricky. The market keeps guessing: will they cut that 25 basis points or not? The thing is, even the Fed itself might be a bit confused right now. Why? Because the key data isn’t all in yet—it’s like driving blindfolded. Rumor has it there’s internal disagreement, too. Making a decision under these circumstances is risky, as you can imagine.

The recent market action is also interesting. Major indexes have pulled back from their highs. The technical analysts say this is a normal correction, and money is jumping between different sectors. The smart money is quietly shifting into defensive assets.

A few key levels to watch:

The Dow and other indexes are currently sitting right on their 100-day moving averages. Whether they can hold above these lines will directly determine the next move. Gold is the same—if it drops below the $2,030/oz trendline, the bullish thesis might need to be reevaluated.

What to do today? Honestly, until the meeting results are out, it’ll probably just chop sideways. Don’t get impulsive—manage your positions carefully. Focus on three things: the dollar, gold, and US stock indexes.

There are two scenarios:

If they do cut rates—it could be a short-term boost for US stocks and gold, while the dollar would likely weaken.
But if they hold steady—the market could immediately switch to a tightening expectation, the dollar would strengthen, and risk assets would have a hard time.

Right now, the whole market is in “wait for the news” mode. Volatility will definitely pick up, so be patient and wait for the dust to settle. Jumping the gun could get you whipsawed.