Update - The S&P 500's Daily Chart - A Doji Candlestick for Today...

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Hello Traders...the zigzagman here with another update of the $SPX daily chart...

Today's candlestick was a doji, which can mean one of two things...It can signal a reversal about to happen, or it can signal a moment of indecision, where the bulls and bears came out even on the day for the most part, even though it closed slightly down on the session...

As usual, there wasn't much activity until after the FOMC Announcement at 2:15pm ET, and then there was a quick spike up for half an hour, and then it gave it ALL back and then some over the next hour...It appears traders were pleased with the Fed decision, and then they weren't...Talk about a "moment of indecision"!...lol...

Here's a five-minute chart of today's action:



The title of this daily chart is: Where's My Pullback???...

Really!...Where the heck IS it?...This reminds me of the weekly chart the few months leading up to the highs set in late April of this year...It was like the Energizer Bunny...up, Up, UP!...No levels of support were set on the way up, and that's why it fell fast and furious back to where it all began when it FINALLY decided to go back down...

That's exactly what I see here on this daily chart...The move UP since the beginning of September is waaayyyyyyy too far, too fast and much too vertical to be sustainable, with only ONE tiny pullback on the 7th, which set up the ONLY level of support on this entire run...I wouldn't be surprised to see it fall twice as hard as it went up with the right catalyst, which is usually the case...The market usually goes down a LOT faster than it goes up...The PPT goes Long AND Short, you know?...

Today's Fed announcement needs to be digested better by traders overnight, and the surprising Housing Starts report out today showed gains in condos and apartments, not single family homes...Like we really need any more of either built, with the glut of empty units on the market already...We are spared any bogus, market moving economic reports from the government tomorrow, but Thursday has a few potentially market moving reports due out, with Weekly Jobless Claims an hour before the opening bell, Leading Indicators, and Existing Home Sales both out at 10am ET...

Friday's Durable Goods Orders is one of the most important reports due out this week, and it arrives an hour before the opening bell...With New Home Sales numbers release half an hour later...

I'm not a buyer just because the market finally got above the old resistance level at 1130...Sometimes they do this to sucker people into buying...Just before they pull the rug out from under everyones feet...

Pay particular attention to my comments on the chart about Volume, and the two bearish divergences I see on the CCI and the MACD Histogram...