SP Update...

Post FOMC statement this afternoon, SP's got the usual double fade with a high tick of 1144. On the spot chart that is C=91% of the A, and a 65% retrace of the move down from 1218 to 1002. It is also roughly where it started to really accelerate down from on May 6.

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 Note the really terrible volume on the upside this month, lower than during the B wave down during Aug.! That's unusual, and can only serve to underline the corrective nature of the structure up from the July lows.

The hourly bar chart reveals a wedge pattern with a last gasp throw over, followed by a NEAR reversal in  late afternoon.
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Note the RSI neg divergence.
Now it is plenty early in this game and there have as yet been no confirming indicators, but I would think the nearby .382 retrace and overlap of the initial leg up in the C wave structure would be a good tell. This market is now all about appearances and after all the effort to jam it up any slipping will be met with panic.


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