S+P 500 has closed above the .618 Fibonacci retracement level of 2812.03, from the September high of 2940.91, to the October low of 2603.54 a potentially BULLISH development, coming on the day after the US mid term elections.
Price has formed a " V " bottom on the chart, a pattern made famous by Nasdaq 100 technology stocks, as the violent sudden price correction in October,, just as quickly is being reversed to the upside, in November,giving the illusion on the chart, the the sharpest part of the decline never happened. yet in the process successfully testing the important intermediate support level of 2600.
The market is now at a very important juncture. For all intents and purposes we are at RESISTANCE a point of equality between the bulls and the bears.
The period between now and the end of the year has a seasonally bullish bias to it.
The Federal Reserve meeting announcement this afternoon on policy and interest rates could be the spark...that causes this indecision pattern to break, either way.