US stock market update --- 9/23/09

The stock market went up a little bit before Fed announcement. After Fed announcement, the rally was extedned. Nasadq went up to as high as 2167 . $SPX went up to 1080 and tested long term downtrend line. However, during the last two market hours, the market fell sharply with high volume. As you can see from 60 min of Nasadq and $SPX, the short term uptrend line was broken below decisively during the final market hour. The short term top should be in today. Is today's high an important top? Possible. For Nasdaq, next support is 2120. For $SPX, next support is 1057.

USO and $WTIC broke below the intermediate up trend line which started from the middloe of Feb. 2009 with high volume, which is bearish. For USO, next support is $34.7 , for $WTIC, next support is $67.5. If they get broken, the oil downtrend will be accelerated.