SPX is still in a short term down trend, but still above the key 1775 level. Lets zoom in to the SPY 60 minute chart.
There haven't been any more big green volume bars since the big gap up. SPY found resistance at the upper trend line again. It looks like another triangle is forming over the last few days. Price is getting into the apex so a break out tomorrow is likely. If the break out happens before the FED announcement tomorrow afternoon can it be trusted?
I don't know what the FED is going to do or how the market is going to react to whatever they do. I How is that for analysis, LOL. I thought maybe we would have had a bit deeper pullback to set up a post FED meeting rally whether they did a taper or not. I am not sure that is the case now. Things look setup for a decent move, but if it is down we could still have a ways to go before the bottom. Either 1775 is going to break or a real rally will be launched from it. Maybe the move will start tomorrow.
Bob
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