We seem to be sitting on a spot that has been recent support and resistance for SPY. Essentially trading sideways leading to the FOMC statement in 5 minutes. Where it goes from this point appears to be important.
It went down.
I hope it continues to do so. What do the charts think about the move?
A couple days ago I posted a chart on this forum here:
My prediction has almost come true. I also predicted that we may challenge the August lows. If we break those then we are officially in a downtrend from the 52 week high in July, and there would be a greater case that we could be at the start of a bear market. If you read that entire thread which started early August then you would get a good idea about how I feel about the market and why.