Fed Announcement Sends Stocks Lower

While the Fed kept rates unchanged, the Market was uneasy with no forward guidance and sellers stepped in. The question now is whether there will be follow-through tomorrow. If so, it could suggest it is part of a greater degree time and price countertrend rotation. Important for tomorrow will be the first hour of trading. If today’s low holds, then expect rotation up. However, if the low is traded through, then the internals should be showing more weakness. Any strength will suggest a possible rotation up going into the long weekend. For the most part, the internals were extremely weak today and suggest a possible follow-through tomorrow.

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