The Markets Today

OK -- despite the fact I disagree strongly with how the market interpreted the Fed's statement (see below), the markets rallied strongly to the Fed's news. Notice two things about today's charts.

1.) The markets rallied as soon as the Fed released their statement.

2.) The markets closed near their highs on strong volume.







Here's the 3-month chart of the markets. Notice that today's rally printed a very strong bar on very strong volume. The IWN's volume is a bit weaker than the SPYs and QQQQs, but it is still higher than previous days.