The title of this post could be Relax…
The market took the “news” from the FOMC on the chin today. Even intraday, the equity market felt like it was falling apart. Still the Dow ended up being down a whopping 61 points (only 39 basis points).
As the chart above shows, price basically failed at the previous high Resistance. There is Intermediate Support at 15,250 and 15,000. There is Major Support at 14,750, but in truth we think price is much more likely to go on to a new high before testing any of the bigger support levels.
There’s a chance that we see the 15,500 level in the next couple of days. That’s where we would make a decision about the viability of the uptrend in the near term.
Until one of these things happens… Relax.
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