a failure to break through the top of the downtrend (图)

Yesterday, it was the 50-DMA which provided support on the downside. Today, the S&P is testing the top of the short-term downtrend that started with its intraday peak on 9/23 just ahead of the Fed's interest rate announcement. Just as yesterday's successful test of the 50-DMA was a catalyst for the market to rally, a successful break of the current downtrend should add more fuel to the fire. On the other hand, a failure to break through the top of the downtrend will bring some sellers out of the woodwork.