The Markets Last Week

The bottom fell out of the SPYs on the Fed's announcement on Wednesday, but they more than made that up on Thursday and Friday. The SPYs had a strong rally over the last two days. The SPYs also ended up the most of the three averages.



While the QQQQs did end the week on a high note, they didn't get there by the best technical path. While the QQQQs shook off the Fed news on Thursday, they fell a bit on Friday morning, and only closed at decent levels after a sharp spike. My guess is there was a program trading reason for that move.



The IWNs chart was similar to the SPYs. They ended the week on a solid note with a strong upswing after the Fed's announcement.