With Bernanke’s final FOMC press conference tonight, does he go out with a bang or a whimper? The SPY and QQQ show bearish setups and no-one really believes the taper tantrum… may be a good r/r short here but very speculative standing in front of the Fed…
SPY – Decision time for the Fed. Classic bearish setup or bear trap?
QQQ – Bearish Setup… straddling the sma’s like an Adonis. Awaiting FOMC for breakout
The near term SPX chart reflects the indecision in the market with both bull (black) and bear (red) counts squarely on the table. The bulls were unable to take the ball and run with it yesterday, so the door remains ajar for the bears.
EUR/USD forming a bullish 4th wave triangle of smaller degree targeting new highs. Just in time for the Fed whipsaw.
USD/CHF weakness continues and the decline does not count as complete for our canary in a coalmine. This pair remains in sell mode
DXI holding the line for now. A break of 79 and nothing but air until 75
We are obviously at a very important inflection point here in equity and FX markets. The Fed runs the game now, so tonight’s FOMC meeting will likely determine if “santa claus is coming to town”
Trade safe and watch those Central Bankers 😉