Never mind about the Fed and all that bluster! Technicals say it all
and this was simply the top of the channel for both the Dow and S&P. In addition, the S&P hit it's 161.8% Fib extension at the same time. Here's the Dow daily:
dl.dropboxusercontent.com/u/20815047/Dowdaily22_05_13.gif
I note that my channel support is some way from yours remo - I have 14888. The Dow exceeded its 161.8% extension of the 4/6/12 to 5/10/12 move.
Here's the S&P daily:
dl.dropboxusercontent.com/u/20815047/S%26P500daily22_05_13.gif
Similar channel but this time the 161.8% extension of the same move as the Dow came into play so a double whammy of resistance.
There's a real possibility in my mind that this is the wave 4 belonging to the sequence up from 4 June 2012 lows. The only thing that's bothering me about that is that the move up from Nov lows appears to have 7 subwaves to it and there really should be 9 so there's a chance that this correction may not be too bad and there's a final wave up to follow before the larger degree wave 4 which would take a few months to play out.
If there is another move up to come then remo's trendline ought to hold. If not then the target retrace for the Dow would be close to the breakout point at 14200 (assuming a 38.2% Fib target). The same level for the S&P is 1557.
Just my view but in both cases there ought to be some more upside due at some point before the big crash down, perhaps next summer (ie after the 5 waves up from March 2009 lows).