There are three distinct periods over the last two days. First, stocks surged as the Nasdaq 100 advanced above 1620 before the Fed meeting. Second, stocks gyrated rather wildly as NDX moved above and below 1620 after the announcement. Third, stocks consolidated as the market digested the Fed statement. Watch this consolidation for the next directional clue.
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About the author:
Arthur Hill, CMT, is the Chief Technical Strategist at TrendInvestorPro.com. Focusing predominantly on US equities and ETFs, his systematic approach of identifying trend, finding signals within the trend, and setting key price levels has made him an esteemed market technician. Arthur has written articles for numerous financial publications including Barrons and Stocks & Commodities Magazine. In addition to his Chartered Market Technician (CMT) designation, he holds an MBA from the Cass Business School at City University in London.
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