SPDR S&P 500 (SPY)

[Footquarters]

Market Pulse pre-employment day







The Swing on the SPX became impossible to take out without the participation of the institutions, which aren't buying the rally, therefore we had to think down yesterday. Since the swing was not taken out there is only one side to be on after the fed announcement. The near term chart reflect two broken trend lines now with the 1380 now being the area to watch. That would break the last trend line holding up this last move, 3 strikes and bulls are out generally. A/D is neutral, not where you want to see a "bullish runnup"........ Trin indicated no pushing around by da boyz yesterday. So more geniune selling of postitions at the break of trend.
So today we need to watch the 1392 area for again entrance into shorts and the break of the 1380 that would confirm the move down from the 60 point theory I have on the chart. Any break of that and longs become "fish bait" for lower tier trading. Dollar did nothing yesterday as you pointed out which probably will signal more consolidation. The QQQQ people have the stongest index to break, with a sell signal coming much later than the SPX, so you bears should be going after the weakest link here for the greatest gratification. All indexes are on tradable shorts which are not recommended for holding over night. Good Luck