So did they just bear trap these markets with that break of a trendline? Will major money flows from PanAsia and the EuroZone gap up the markets and run them all day into the FOMC driving shorts out the whole way? Will it be a 300 point Dow day to 11500?
As it stands it should be a break of the trendline that should spell a sell off to 1208 on SPX. That taget could be met by the end of the week. With CPI next week and PPI the week after. I think CPI and PPI are going to come in low because of the commodity sell off that started this last month. With inflation subsiding due to demand destruction the Fed will stand pat and may warrant keeping rates low, but may shave off some of the hawkishness about inflation. They wont dare say deflation, maybe recession. The falling CPI and PPI might send the market rallying from here. While resource producers are going to get hurt, the general economy will recover and be given more affordable conditions. Ease strain on consumers and businesses.
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