S & P - Go To The Mattresses!

"Go to the mattresses," from the movie "The Godfather," describes a war mode, and the S&P is in just that kind of mode. Less important is describing the two factions, natural market forces, and the well documented Federal Reserve manipulation through Permanent Open Market Operations, aka POMO.
Ultimately, market forces will prevail, even when temporarily distorted through intervention. Unfortunately, the impact is most often exacerbated when eventually resolved.

Rather than attempt to divine the meddling of the Fed, it is always best to stick to what the market says.
It may not always be clear, but the market never lies. Even when the picture from the charts is equally unclear, we go back to basics. Start with the higher times frames and work lower.

The two horizontal lines on the monthly chart show a band of resistance between 1253 on the upper line to 1221.25 on the lower line. To the weekly... (more)