Daily charts for S&P500
Daily charts for NASDAQ
What a big difference 2 days make. The markets got spooked by the problems in Greece and turned abruptly over the last 2 days. On daily charts, the Dow has formed an evening star while S&P 500 and NASDAQ had formed a three inside down pattern. All 3 patterns are highly reliable reversal patterns.
Today we are expecting the FOMC statement at 2pm US Eastern time and the market should be muted until the release of this statement. Over the next few days, I am expecting a market correction to 10,710 for Dow, 1,150 for S&P 500 and 2,400 for NASDAQ. I believe the FOMC statement should help the market achieve this.
Crude Oil
Daily chart for Crude Oil
Crude is at 82.50 support now and should be breaking below over the next few days. My initial target is 79, followed by 70.
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