1269

Solid break through these levels. Very tricky action here 1262 must hold into the close for the bulls to form a bottoming pattern

Weak Action

Weak action continues looking at 1269 for a pause in the downside

Range

I think we will be in a range here for a bit- Higher end is 1305 and lower end 1241, both area are HIGHLY playable

Bounce

Bouncing a bit but I don't buy it- look to see if we hold the 1265 level and then 1262 if not we will revisit the lows

Perfect continue

This is a great setup happening here- I am just going to be patient. We should test the lows from last week and that area I spoke about in past post.

Perfect!!

The last hour of trading cascaded today. As I posted earlier this would make a nice set up into the pre holidays period to set up a highly tradeable bounce. Overnight I am hoping we hold 1274 level so we dont get immediate selling but if we do this would confirm a retest of last week lows and possible that 1241 target for a buy.

We will see soon enough

Paint Drying

So here watching this market is virtually like watching paint dry and then I forgot it was FED announcement day which is always an extremely low volume day prior to the announcement.
So what do we have here in the market. Well I am going on record to say we will go higher after the next pullback. My projections are telling me we are in the throws of a intermediate low and I was HOPING for us to test 1241 on the downside but I forgot we had FED meeting this week and usually that has an upward bias.
What I am hoping for here is a sell the FOMC meeting news either today or tomorrow and test the lower boundaries of the last push as this would set up a super buy. Why a super buy because I strongly believe the Bernanke will say something about QE2 which will cause some initial anxiety but then analyzed as positive.

Point here I am gaining confidence that we will get a SIGNIFICANT bounce. If I am wrong when I do buy I will know quickly and get out for a small lose. In the mean time I will wait it out.