Today's rally is ending. Notice on the updated 5min S&P chart that I can count 5 waves up to complete wave C. You can see the straight line up rally from this morning and then at the top you see the rally getting a bit squiggly and sideways which I marked with the black trendlines. THis might be an "ending diagonal" which is typical for 5th waves and it signals a severely weakening trend and usually results in a snap back sell off in the opposite direction. Also notice the stochastics at the bottom are trailing downward, as marked with the thick red line, yet during that time the price of the S&P has climbed higher. This all points to a reversal coming soon. As I said, the Fed meeting should trigger the market to sell off today or tomorrow. Today's rally is severely waning.
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We are bumping up against a short term trend line drawn from the last reaction high and the .618 retracement of same. Either we stop here or we will at the least challenge the high one more time.
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