MACD's on this 6 hour chart "could" turn back up soon?
Still waiting on the FOMC meeting tomorrow it seems. I will say that the 6 hour MACD's have now reached around the zero level and appear like they are trying to turn back up. This "might" allow the bulls to ram it through this horizontal resistance on some positive news from Yellen tomorrow after the meeting. As we all know most FOMC meetings produce some wild swings up and down, which are usually just shakeouts for both bulls and bears.
So while I still think we are going down the days after the meeting we should be prepared for a "possible" pop through the 2170 if Janet announces something the market likes Wednesday afternoon. I guess the shocker would be if she says something about raising interest rates, which I think the market isn't expecting. That of course would make the bears very happy. But for today it doesn't look much different then yesterday. More chop until the FOMC meeting tomorrow is likely. The range is still the 2150-2155 bottom support zone to the 2170 upper resistance zone.
Looking at the SPX Cash charts I see the same setup aligning... which is a bullish setup. Yeah, I'm a bear and want to see a big correction here, but I also have to post what I see. What sucks about seeing bullish setups versus bearish setups is that "they" always seem to allow the bullish setups to play out but commonly manipulate the bearish setups so they will fail... and that's very frustrating! Probably only half of the bearish setups work versus 90% of the bullish ones playing out.
All is needed right now is for Janet Yellen to say something very positive for the market and these setups could easily push the market up through the 2170 resistance. The bears need some surprise from the Fed's this Wednesday or else it could get ugly for them. This is all just based on technical analysis of what I see in the charts right now. They can of course realign by Wednesday (at least the short term one's, but the 6 hour doesn't move that fast). However, the bears need to be cautious here as I don't like the setup forming now.
