The Fed Holds Tight. Stock Indices Decline

After the announcement of an increase in interest rates, the Stock Indices were unsure of whether value was higher or lower. Chairman Powell, in his comments, left no doubt as to the future of interest rates. That opened the door to selling. The Indices, except for the DOW, have all traded to or through important support. Closing at the low of the day suggests lower prices at the open tomorrow. How much follow-through there is will be extremely important to the intermediate-term development of a possible leg lower.

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