Pre-close view

No more patience, indeed.

FOMC wasn”t greeted from a position of strength, but it was bouncing from a test of 2053.25 support. The news triggered a surge to 2081.25, and that”s where my first buy signal could be calculated.

Each asterisk on the accompanying chart identifies the buy signal”s target. Notice how the market increases its daring with each one — reacting down on the first target”s first tick (1), probing the next target for 2 minutes before retracing the signal entirely (2), and after a third fresh high formed a “close-quarters double top” (3), the next target was acknowledged only momentarily (4) on the way to the overall pattern”s maximum potential (5).

(1) 2076.25 – 2082.50 — 6.25 points

(2) 2081.25 – 2085.25 — 4 points

(3) 2085.75 – 2087.25 — pullback limit violated

(4) 2087.50 – 2095.50 — 8 points

(5) extended another 4 points to 2099.75

RSIs were borderline overbought at the high. At the low, too. In this volatility and range, only clearer probes would create the requirement for a retest. Regardless, don”t forget that usually any post-FOMC trending will have been retraced within a week.