I think the odds have swung seriously to having finished a lower...

I think the odds have swung seriously to having finished a lower top.

For sure the pullback last night brings markets back to the normal support levels seen in ongoing upward moves and a bounce may follow.

For SP500, probably so long as it holds about 1460 intraday, it can generate a higher double bottom and still look constructive.

However, it is the longer term charts that are the worry.

Redbacka mentioned stochastics. Monthly stochastics on SP500 show three higher price peaks and three lower peaks on stoch.

Other markets show similar behaviour.

Unless HK has a big up day today and that seems unlikely then it will generate a serious long term bearish confirmation on weekly charts as per CMC which will close the week with todays close.

It was amazing that there were no wild counter swings after the FED announcement last night. Very unusual and not sure what can be made of that. I presume it meant nothing but complete pessimism but whether that is rethought over the next few days I have no idea.