Daily Index Cycle update

Despite the Fed deciding not to taper the $85bn of monthly QE, the market sold significantly lower, with the sp' -22pts @ 1628. There is rather important rising support @ 1620, and the bulls must at least hold 1608. With QE-pomo continuing, I believe the general up trend will resume.


sp'daily5

R2K

Trans

Summary

Today was even more dynamic and exciting than I was looking for. The closing hour price action was especially weak, but still, it was only a little more than a 1% decline for the indexes.

Lets be clear, the primary trend remains to the upside.

Bulls just need to hold the rising support in the low 1620s, or at least the recent key low of 1608.

Of course, if 1598 is broken at ANY point in the next few days, then things will have changed. However, my best guess is that...won't happen.

 --
*baring a break in the opening 30mins <1620, I will look to go HEAVY long the market early tomorrow, which happens to be a mid-sized QE-pomo day of $3bn

a little more later...