Our VIP ELITE GROUP HERE! Got plenty of warning about what was coming today. The TRIN reading was pretty much giving it away.
Todays FOMC meeting was a chance for the bears to really come back and grit their teeth so to speak. The Market sold off hard down to the low 1620's and right now if you look at the chart there seems to have been a bearish flag that has formed.
If we break the 1615 level on the S&P that could spell real trouble and the market is not looking very healthy here.
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| spx chart - bearish flag playing out ? |
Since the middle of May, if you remember back Dummy boy Bernanke and his cartmen stubled and stammered on congress hill and hinted about the end of QE and stimulus into the market. Today was just reiterating that.
News is nothing more than boring for me, and this came out in the charts first. This pattern now, or I would think it is a high probability bearish flag (meaning there is a strong chance of more movements to the downside) could play out now, as retail traders try to decipher the news, while we just trade the charts. :-) ** insert cheesy grin here **
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