Well, the price action can only be viewed as positive when you look at the price charts. Plenty of positive price action in the last 8 sessions. This is similar price action that we saw in last few weeks of October before the last Fed announcement. Just a reminder that the day following the last Fed rate cut, the market sold off hard in what could be described as "buying the rumor and selling the news." We'll just have to wait and see, but be prepared for either direction.
The SPX daily seems to have formed an inverted head and shoulders pattern that confirmed today with a break of the neckline. There is overhead resistance near 1520 at the descending trendline. The market may chop the next few days before the Fed.
SPX Daily Chart:
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