After yesterday's Fed announcement, it seems appropriate to look at the daily chart of all the equity markets. The IWMS (top chart) are still below resistance levels established in early February, indicating that the "risk on" trade still has not caught fire. The QQQs are performing well -- they jumped sharply on Monday are rose a bit more yesterday to hit resistance. The SPYs are also moving higher and are above resistance levels.
Ideally, we'd like to see the IWMs move through resistance to show the rally is ready to take the next step.
The treasury market continued its sell-off across the curve yesterday, with all the major ETFs making big moves lower. This should provide trading ammunition for the equity market.
I'm on Linked In and Twitter (@captivelawyer). Silver Oz's Linked In name is @silver_oz. NDD is a fossil and may be reached by etching a picture in stone on the wall of a cave.
The Bonddad Economic History Project
At the beginning of 2012, I decided to start looking at the actual, statistical history of the US economy starting in 1950. The reason is simple: to find out what really happened. So, when you see title of a post that begins with a year such as 1957, followed by "employment" or "Fed policy: you know what it's for. You can also access the information by typing in BE for Bonddad econ and a year to find information on a particular year.
Here is a link to pages that contain links to all the posts on the years listed.