From a cycle perspective, we are already kinda high, so its very likely we will rollover today, but we could just put in another higher low, which would certainly be bullish in the short term.
If Monday's gap lower was the conclusion for sub-wave one, then we're in minor bounce wave'2 UP still - in a standard ABC correction. So, wave'3 hasn't even started yet.
*There are a number of other chartists out there who are suggesting a move as high as 1400 still, and that Monday would actually be the base of 'B' wave...and we're now in C up.
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Key times today
Fed Reserve formal FOMC announcement: 12.30pm EST
Fed Chairman Ben Bernanke Press Conference: 2.15pm EST
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Will Benny kick the market even higher (1390s?), or will he aid market sell off and close red?
Good wishes for Wednesday trading.
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*Updates throughout today.