Bullwinkle, quite possible on the headfake, market may break the 100 day SMA here briefly, and then top out on the Fed meeting like it did on the last "false hope" break.... it topped out right on the day the Fed meeting was... how eery is that?
Also another simple fact, from the last bottom to top on the Nasdaq Composite, from May 17th to June 30th, from 1,865.40 to 2,055.65, +190.25 or a 10.2% gain from top to bottom. A same exact percentage move as the one made on the last upwave would bring the composite from the (recent) low of 1,750.82 to a top of 1,929.38. So like I said, I wouldn't rule out the market moving against our prediction short-term, only to top out in correlation with the Fed meeting!!
Here's the chart showing the 100 day SMA, which might give the markets a little pop and a false sense of security, only to have those people who buy it get the rug pulled out from underneath them!>>>
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