1pm update - waiting for the Fed

The Fed issue their press release at 2pm. Its merely a statement of the recent chatter they had. Doubtless, they'll be so pleased about their extension of op-twist, and will state they will do all necessary to ensure their mandates are fulfilled.

A market ramp to sp'1350s by the close? It would not surprise me, but then, neither would a break under 1330. On balance, I am glad to be merely a spectator this afternoon.

Only with a break into the 1320s..and even more so..<1310/05, can the bears start getting serious, and then make a fast charge for sp'1200.


sp'60min

sp, daily5

Summary

Hourly MACD cycle is looking floored, and it won't take much to get a bullish cross, and then 1350s are very viable within a few trading hours. That would open up sp'1375/90 within a few days.

Stay tuned.