S&P 500 (Dec 12) INTRADAY Review Yesterday our first profit target worked very well as resistance ahead of the FOMC announcement with the market then drifting down towards our long entry level at 1427 ahead of the key monetary policy news. The low was posted at just 5 ticks above our entry level before the news that the Fed are extending their QE3 programme by an extra $45bln worth of asset purchases per month to replace the expiring operation twist. This news was expected and the index
