Once again the price action on the daily chart has done nothing to negate our long-standing contracting triangle scenario but I expect that to change over the next couple of sessions. We should get resolution on the question "is the triangle a correct interpretation of price action within the cash S&P500?" thanks to the meeting of the FOMC.
Needless to say everyone is holding their breath on the FED announcement this afternoon. Is the FED’s action today really that important? I suggest taking a look at this week’s market commentary by Mr. John Hussman, President of Hussman Investment Trust, on this subject. http://www.hussmanfunds.com
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