Another Loop into New Recovery Ground for S&P 500?

In the hour that has lapsed since the FOMC announcement, SPY has gyrated from 132.76 to 132.06, back up to 132.44 in what looks like another attempt to thrust to new highs towards the top of the broadening top pattern, at 133.00. At this juncture, only a decline the breaks and sustains below the prior intraday pullback low at 132.06 will be our initial indication that the SPY's have hit intraday upside exhaustion. Barring such a decline, let's expect another loop up into new recovery high ground -- and possibly into the 133 area, where we want to add to our current 50% short position.

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