Reverse Dead Cat Bounce....Fed Decision Sets In Today

Good Morning! Pre-market futures are pointing to a lower open today after the huge rally yesterday spurred by the Fed's decision to cut interest rates to practically zero. This comes as no real big surprise following such a huge move as there are going to be profit takers out there when the market opens. As I said yesterday, at the 911 level on the SPX there was a 90%+ chance of a one day reversal, and here we are! So, I plan to close out my shorts following weakness today and will watch my support and resistance levels very closely for a long reversal. 874 seems to be the best level for one day long play. I doubt we will get there today, but if we do I will be going long again. If for some reason we rally mid-day, I will look to go short again at the 933 level and above. I also added some great blog feed goodies to the page for you. Don't forget to sign up for email notices on the right hand side. Please check the graph below for your SPX targets...