The Charts Revert to Form

The Street awaited with bated breath the imminent statement and possible action by the Federal Reserve. It happens every time, and yet the final result is generally that the market, after a couple of violent swings, settles back into the technical pattern that had been in place. The news is anticipated and second-guessed, and thereby loses any lasting effect. 

So seemed to be the case again on Wednesday. We, as technicians, had anticipated, because of the oversold market at the end of last week and not because of the Fed, that we would get a rally. We got it. Now, though, the oversold condition is quickly being erased, we look as though we may be dropping from the right shoulder of a head-and-shoulders top, and volume has been predominantly on the sell side....298 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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