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.
