Option Investor
Update
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As we head into the 2:00 announcement of the details of the stress-test program to determine the banks' financial health (no details on specific banks yet, just the program being used) we've got the banks up +5% and the broader market rallying into this announcement. SPX is approaching its 870 upside target (high so far is 868.47) but as we near this announcement it has me wondering if it's going to be a sell the news event (if not something the market perceives as scary). The updated 60-min chart shows the setup for a bearish reversal pattern so tighten up your stops if you're long the market (it's starting to pull back a little steeper as I type this up).

SPX 60-min chart:
[Image 1]

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