Good statement.

everyonce in a while, go back to this.
short term, for entire market, we need to break 1405 level on the S&P 500 Index.


For now, here is something very interesting for short term bearish outlook.
“Amazing. After the FOMC announcement the Dow moved higher by 170 points and then sold off. Oddly enough, there were no real surprises. The word from the floor was that traders wanted a stronger statement on inflation such as saying that they will not ease for a while. I'm not sure if I buy that. The market normally doesn't like a restrictive Fed. Actually, it almost never wants a restrictive Fed. I think the rally failure was a function of the short term overbought condition and the resistance just above current levels. Also, when the market rallies into a Fed meeting, it normally moves down for a few days afterward regardless of what the Fed action is.”
Statement from Todd Market Forecast.

MPM