SPDR S&P 500 (SPY)

[learningboutinv]

As Scam would say Coast to Coast. On the 60mins on most indexes we've tagged both upper and lower BB. Tomorrow will be a tell all day for the bulls. I still think we've hit major resistance. I've been unwinding long positions the past couple of days. Isn't tomorrow suppose to be the exact opposite of FOMC announcement day? So if we close down today then that means up tomorrow? (Edit Probably a weak last gasp up like someone drowning type scenario.)

"here is scanman's post
Hi Ample - There really isn't much new under the sun: if you've survived trading the Bubble & the Crash, you've pretty much seen it all. I've covered the Fed Day/After in exhaustive detail in the past, so I'll give a minimal summary. Immediately after the FOMC announcement, there is a spike, followed by a reversal of the spike, and then eventually a reversal of the reversal. The third leg of the pattern has been problematic of late. The Day After pattern stipulates that whichever direction the market closes on Fed Day, it will close in the opposite direction on the following day. Obviously, these are called "patterns" because they happen more often than not, but then they don't happen every time. Caveat emptor! Enjoy"