1pm update - I smell trouble

Today is indeed probably the most important day since last October's low. The FOMC press release was effectively 'same nonsense as usual'. There is no planned extension to operation-twist, nor any talk of QE3. The bulls are not getting any more QE until the market falls considerably, its probably that simple. How far? I would still guess something at least in the 1150/1100 zone, which will probably take some months to reach of course.


Sp'60min

*Bears still need a close under that 10MA of 1379

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As follows is a new chart. It is a compilation of my own thoughts, and from the other regular chartists I follow (most notably, Daneric, Pebble, Pretzel, Knight)


Sp' daily - bearish scenario

We have a clear lopsided Head and Shoulders formation. Bears will need to see a break below 1340, and eventually 1300 to confirm it.
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Other issues today so far

-precious metals getting the hammer treatment (I'll post more on that later on my Gold/Silver page)
-AAPL is $11 from the $618 opening high. We have a black-doom candle on the daily chart.

If today turns out to be a reversal day, then we could very well be about to see some really exciting downside action.

More later..on what is becoming a very busy day.