S&P 500 : Still a long way down if the Fed dampens market hopes for QE3

The current correction of the big rally from March 2009 to May 2011 (for the S&P500) is just above the Fibo 38.2%. If it holds a fine sign indeed, and one that will point to a rather better Q4 for stocks.

If the S&P 500 fails then 1020-1040 will very likely be retested, with little support from here to 930-950

A big night for the US markets tonight, and a worst case scenario is for an angry market after the Fed speak, which we fear would drive the SET Index to 1000 tomorrow all too easily.

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