Here's the prototype for the OddsTrader app and the information it conveys:

Trend - down
Resistance: 1180
Support: 1130
Pivot: 1160
Risk/Reward Oscillator: 27%; below 15% = oversold, above 85% = overbought
Volatility: 15%

The Bull Flag case, for those who feel lucky:

Closely following the downtrend line:

Today's action puts the lower support lines firmly in play.

If the end of month/quarter rally attempt can't bring the index back inside the channel, the outlook going forward is bleak:

Swiftly rejected at pivot point:

On track for a 180 degree reversal:

Old support is looming large on the horizon:

At pivot point:

Market internals eventually catch-up with the market:

The next hurdle:

From Doom & Gloom to All is Good:

Or is it? The next few days it will become clear exactly how much gas is left in the tank:

1150 should become support now.

All industry groups finished last week in the middle of their range:

In pre-market action, the retest of the low came in at 1115, and the high at 1150.65:

KISS & Waterfall update:

This chart shows the damage that has been inflicted, and what's needed to repair it:

Pre-market update: the futures tagged the 1100 line:

Closed right near support, oversold, on increasing volume:

However, 1100 is too close to ignore, and will provide a better stage for a rebound.

So far, so good:

Judging by pre-market action, I must have been in the minority expecting little from the FED.
Keep an eye on 1136, 1120 and 1100 SPX.

The real test is coming the next couple of days:

While waiting, it doesn't hurt to add one more trend-line:

Gold finds itself suddenly in the middle of the range:

All eyes on Ben:

Treading water between support/resistance.

Time to update support/resistance lines:

Planted firmly between support/resistance lines:

Waiting for Ben to save the day.
I don't expect anything meaningful, but that doesn't mean the market won't show its irrational and exuberant side.

Back to the old pivot line:

The one silver lining is the fact that a 2-day FED meeting is coming, and that's usually good for a 10-15 SPX points anticipation run, no matter what the outcome.

KISS update:

Weekly sector rotation

Notice the difference with last week ?

As good as it gets, but we've seen this movie before, and we know how it ends:

Waiting for the next "crisis" that will propel the indices upwards:

Yesterday's resistance becomes support now.

Yesterday's high should provide formidable resistance:

SPY & SPX overbought, at make or break line:

SPY having trouble at Pivot line:

No surprises at the close for SPY:

The index needs to break above the pivot line, however, in order to prove that this is not just an oversold bounce.

Following the pattern nicely, so far:

Action similar to last week:

weakness pre-market, rally after the open.