Off the Charts
There was a little "shaking of the tree" this afternoon following the Fed rate announcement. As expected, the FOMC voted to keep rates exceptionally low until the employment picture shows marked improvement, and there were no new accomodative measures to offset this morning's very weak GDP reading. The S&P (SPY) closed the day on its lows for the first time in 2013. All major indices closed the day in the red with the S&P down 0.39%.
Today's action could be signal that a slight complexion change is on the way. The S&P held above its 8-day moving average, which has supported the index all year, but the iShares Dow Jones Transportation Average (IYT) and Small Cap Russell 2000 ETF (IWM) broke below their 8-day moving average. Macro traders should not fret about today's slight pullback, but short-term traders should watch closely to see what this leads to....675 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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