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SP500 Chart attached.What one should note on this 1 hour chart, is the uptrend structurem which is zigzagging upwards, also the previous high was taken out, which indicates futher strenght and rally on cards.

Finally, how far can it go really? About 1310-1314 I expect the move to loose strenght and start to cool off, and then further reaction will send SP500 lower, lower yet, and yet again, losses will be equal or in excess of 100 points.

It might stage a rally beginning early next week, or post-FED decision, what one must realise is that SP500 is a barometer of the US Economy and will establish further direction of FX markets.

Looking at GBP USD USD losses likely to be capped with 9300 and EUR USD USD losses can extend towards 3020 and 3090 area.

Cautios selling recommended for a mild retrace early at market open, positioning for the FED announcement is NORTH on EUR USD, BUYING RECOMMENDED on any pullbacks.

POSITIONS SUMMARY UPDATE ON SUNDAY.