2pm update - here comes the Bernanke!

FOMC announcement is imminent..so lets see how high the market might want to spike. There will probably be some wild swings..both directions in this hour. In particular, Oil and the metals look very vulnerable to cascading upward. Get strapped in!


sp'60min

Summary

The hourly chart is offering a baby bull flag.

Immediate upside is the upper bollinger band of 1563.

Lets be clear, we could spike into the 1570s...and reverse..HARD.. or close in the low 1570s.


*Special note..

keep an eye on the precious metals and Oil. I think both have potential for major spikes higher into the close and early tomorrow

*I was indeed sorely tempted by Oil - (now rising)..but its a fed day...so..no trades today.

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UPDATE 2.05pm... metals flash lower, but no follow through..yet. Kinda surprising.

Oil still holding up..and looks set for further gains into the close..along with equities.

Check out Silver..which flashed down earlier..

A break <27.35 would be extremely problematic.
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UPDATE 2.20pm .. VIX is surprisingly muted.

Target for early Thursday is 12.25/11.75 ..at which point I'm going VIX Call shopping.
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UPDATE 2.30pm...and here arriveth..the Ben Bernanke!

algo-bots wanna trigger those bear short-stops >sp'1563 !