Today is Tuesday, June 22nd and the market is acting right in line with my previous reversal call.

On Sunday afternoon, my post that day called for a reversal once the target area was reached as it was in Mondays market, exactly as called. In that Sunday post, I said that we were going to the target area and would see a reversal day with the next move back down to the 1080 area at a minimum. It could go farther, but we should see those prices very shortly. Today’s market we were off -147 on the Dow and -20 points on the S&P emini futures at 1090.

We are on our way to another good market call of +50 S&P points, right behind the +50 point call I had days before. It is a good feeling to able to see and call out market direction.

With today’s and yesterdays action, I would be thinking that this move down may push the sentiment numbers to the downside, kicking in a buy signal at 35% or lower. If we get it, I will report it here as soon as it comes in. Currently we stand at 37% and very close to a strong buy if those numbers come in.

These numbers are the Investment newsletter writers opinion on market direction. They work in the exact opposite way you would think. If only 35% or less of these newsletter writers believe that the market is going to go up, a minority position, then it will go against them and there call. This leaves a lot of skepticism, fear and anxiety, just what you need for the market to advance. The majority is never usually right.

So, look for a move tomorrow  into the 1080 area or better. I could see the market moving short early in the session and holding as the Federal Reserve will be posting there interest rate decision around 11:15 West Coast or 2:15 New York time.  The Federal Reserve interest rate decisions have not been as big a deal over the last few months, but I have a feeling that this one will bring in much more volume and movement then we have seen recently. It will be a big day tomorrow and I would exercise caution for all traders.

Many traders take this day off as the emotions will be running wild for sure. Today’s S&P trades below. I also have a U-Tube Video of my first trades which can be accessed in the top right corner of this website under “Video Gallery” if you care to watch. Good Trading and be safe.

Related posts:

1. Federal Reserve Interest Rate decision tomorrow
2. Federal Reserve takes drastic step, Buys 300 Billion in Treasuries
3. Traders watching Election and Federal Reserve Wednesday
4. Fed to lower interest rates tomorrow?
5. The Fed cut interest rates by 3/4% today

Tags: federal reserve, Federal Reserve interest rates, reversal call, reversal day