Market Outlook SPY for Sep 18th '07

Dominant TF: 60mins
Swings: DN-UP-DN
Market direction: undetermined.

60mins:
The recovery has stalled short of the 150 level. AdStoK is weaker now, but Entropy while negative gives us no clear direction. Would there be no imminent news, the most likely scenario ahead would be a retracement to Fib PR1 (147.50), or even down to Fib and MM Pivot around 146.8
After the Fed announcement today, it can certainly go both ways, but there is some negative bias ahead of the news.

Daily:
Very slight upward bias given by AdStoK, but Entropy is so weak, it could here really go both ways, or even stay a little longer in the same trading range.
Possible range: 145 (maybe 142) to 150, then 153 and 155.50 (July highs)

Weekly:
Ahead of the Fed announcement, there is some modest upward bias left. Hopefully a direction will emerge soon enough...
One should take cues from the dominant TF which is the 60mins chart.