Wednesday, September 23, 2009
Possible Big Reversal Day for S&P; September 23, 2009
On the 3 minute S&P cash chart above you can see it's traced out a 5 wave decline after the Fed announcement. If today's highs hold, and somehow the market close beneath the low of the day at 1067, it will result in a huge reversal day today and could signal that wave 3 has begun today. And if the EUR/USD can do the same and close beneath 1.4730, it will only solidify this outlook.
We'll see what the next 40 minutes has in store for us.