TF 1/28

TF Hourly

Call me crazy, but I believe TF is not letting up yet and is likely to test the resistance zone of 475 - 480. I would really like to see 2 consecutive closes above the 462 resistance coz that will make buying easier.

Volume's clearly on a downtrend. Doesn't take a genius to figure out that party's going to be over for the bulls. The 3-day rally is clearly a flag or pennant, whatever - 461 is a fib retracement of 38.2% from TF's high of 518.6, and there's a good chance that TF is resuming its downtrend from here, or the next resistance zone (475-480, which is close to fib R 50% & 61.8% respectively), if not today, then tomorrow.

I'll be watching the 9:30am volume. Don't want to be caught in another fake breakout. Am expecting a miserable trading range. $#(%$&@ FOMC.