SPY Rising Channel. Click the chart for full screen.

Fed announcement today is important.

The Fed says they wish to keep interest rates low until 2014. This is basically impossible with out some type of involvement to the monetary system. AKA, printing money. Rates have been artificially low for a long time and have not stimulated the economy like the Fed is claiming. I don't see any other interpretation than QE3 is already in force if we continue higher. Bernanke says stimulus is not currently active but due to the flack he received from the first and second QEs he could be lying. The Fed does not have an obligation to release a full audit of its actions so he really doesn't have an incentive to tell us about QE3.

This week is very important and is the decision point. Click the chart.

SP-500 Trend. I would be suprised if we blasted through this level.

 

You can click on the chart to make the detail more clear.

Take your profits today.