Time for a Leg Down on S&P 500?

Well, if the S&P 500 is going to dutifully take a hit into the FOMC meeting (announcement is 12.12.12) 1425 would be a nice place to begin a decline.  Remember how important 1425 was as support at one point?  Just like a parameter we have been using on the HUI (460), it was violated and opened up downside potential.

It now acts as resistance on the upside, just like HUI’s 460 has done.  I have may [may, nice grammar] consider poking this thing short for a quick one.

[edit] Short SPX and yes, this is against my better judgment :-( and also against my intermediate bullish view.  Stop is just above 1425.  Got to love the markets.

spx

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