[/caption] Point of control has not changed since yesterday as we enter pre market before the FOMC meeting on Tuesday. We had a reversal bar on the last 4 hour bar and looking for support here with a 50% retracement and then a possible reversal to stall around the previous high. A short term double top could be in until the meeting at 2:00. 
[/caption] Levitation in the market place as low volume and a lack of volume increases the effect of buyers entering the market. Resistance will come in 1241.75 after this morning's run up. watching for a break to upper trend line around 1262.75. If we make it through here and can see some Christmas glee in the form of increased consumer spending, looking for a top around 1285. This is a longer term picture for the month with support coming in at the point of control for today at 1237.50 with sellers in control under here. The next area of major support will hit around 1229 then 1215-18. If we do get a break of this area we might see the 200 MA on the 240 min touched at 1205. Will be a consolidated area to trade this next week as most investors will be in the "let it ride" cycle of the year. S&P500 and Tuesday's FOMC meeting In all likelihood it's going to be a quiet FOMC meeting this time around – in stark contrast to the hugely anticipated QE2 announcement meeting last month. At the last meeting, the Fed announced some $600bn of Treasury purchases extending into Q2 2011, but the effects of that injection will take some time before they filter into the key economic data that the Fed is monitoring. In fact, the data since that meeting has been far from [...] 
[/caption] Point of control for today is 1183.50 and the buyers can barely keep it above this level. 
[/caption] Looking at a point of control around the 1183.25 mark on the day, presently buyers have retraced the contract back above here. Next area of support from here is the 1171 swing low the n1168.25 and an extreme low of 1155. A rally on the Euro could push these markets back up but would expect to see some resistance around 1190.50 and then 1200. Our next swing high target is 1208 then to 1217. If sellers are to jump in front of this train it would be under some kind of intervention as manipulation of Consumer confidence figures have done in the past. It is always three months later when get the adjustments that we get to see the real picture. Watch for a break down in Gold too as we are hitting resistance and could see a H&S execute. That would really push this up. 
[/caption] Point of Control for this move is 1179.50 as we are testing both sides in the after hours. The Point of control for the week is 1188.50 It looks like we are entering into a W pattern on the 240 min for another run at the top.If we can not breach the 1206 previuos swing high and sellers distribute from this area we could see a quick sell off. With Ireland on the rocks and the increased pressure on gold accumulation if we see a double top or new highs we could see more dollar weakness and another rally on this market as emphasis swings away from the Euro and then to the Dollar. 
[/caption] We broke above the mid term point of control at 1189 and are testing the buyers commitment to take this above 1200. Lots of resistance here as we are almost glued to the 50MA. Looking for support to come in at 1189, and 1185 in short term with 1172 as an extreme low. Resistance will be coming in at 1200, 1207-9 and then 1216. 
