S&P 500 Candlesticks and MACD

I'm not a technical analysis (TA) guy although I sometimes do try to read the chart a bit. When I look at S&P500's daily candlesticks today I can't help notice the MACD indicator which recent pattern has great similarity to that of end of April.

Considering next week's Fed's decision on QE2, it is tricky for traders, I think. As quite some commentators put it, if the money amount is not "enough" market will sell off and if the QE money is too much market will view economy pessimistically it may still sell off. Well it's likely Feds will step up again. But as I see it it's better to stay sideline for now, I guess. I will pay close attention to tomorrow's job report and Friday's GDP estimate and first couple of days next week.

Of course, nobody can really predict the market so always think on your own:)