Close Call

The S&P has been moving up toward its descending trendline recently, which is pretty crucial to maintaining the downward bias of this market. The fed announced another rate increase today which, as typical, caused the equity markets to violent lurch this way and that. At this point, the price has not crossed above the trendline, although as you can see it just barely touched it. We need to stay below this trendline in order to remain bearish.