Hitting Ceiling at 865 Now; Jan. 28, 2009

The S&P futures are hitting the cited ceiling level of 865 I mentioned last night in my previous post. I can't say for sure if it will hold or not, but breadth is extremely strong as almost no one is selling this morning. This has been typical on Fed meeting release days though. The key is what will happen after the meeting. Once the Fed hype is over, whether it be this afternoon after 11:15pst, or sometime later in a few days, the market will resume its downtrend to new lows.