Quick Market Update

As you probably recall from recent analysis, I have expected the market to pullback in the near term or short term trend (this is longer than intraday, it could be several days or more, but it is not nearly as long as the intermediate uptrend seen on the 30-60 min 3C charts).

The charts this morning are largely in line with price and a continued pullback. The sub-intermediate 3C trend (30-60 min charts) are still very positive.

Basically from the charts I'm expecting a pullback and then a resumption of the move up (sub-intermediate trend).

Watch out for F_O_M_C volatility, remember there's almost always a knee-jerk reaction, I'd be careful in not reading too much in to that action unless the policy statement changes policy dramatically, such as introducing QE3.