Everything On Bernanke

I'll raise the stop for the "S&P goes higher" scenario to 1334.41.  Yesterday seems to have been a triangle which should resolve higher, but nothing is ever for sure when you're dealing with desperate central bankers.  Europe is up, as is the euro.  As is crude.  AUDUSD, AUDJPY up, GBPAUD down.  It looks like a risk day, with everything on Bernanke . . . all in.

First order of business, if higher, will be to take out 1361.54.  Ironically, it could do so, then immediately correct pretty hard, but I'd still be inclined to press bets to the upside for 1380-1400.

If 1361.54 holds, things could quickly change for the worse.  1334.41 would be the first target, but 1309.27 remains the more important spot.

These numbers may seem arcane but represent the specific difference between impulsive and corrective patterns, which when combined with Fibonacci, represent all I really care about in the market.