we finally saw some strong selling after the FED catalyst. IWM bottomed about $4 last week's high and is a good bounce candidate on a re-test of yesterday's low. SPY moved $3 from high to low but it was Day 1 of selling so need to be more careful there.
SPY made new all time high yesterday overshooting our target by a little bit. IWM has now settled into a range after pulling back Mon/Tues intra-day. FED announcement to raise rates at 2PM could cause some volatility. In the past few years several times we have seen a FED day establish a short term top in market. Especially after a strong run up.
we finally got a pull back in IWM with SPY still consolidating just below ATH. the gap in oil was sold down to the 52 area. gapping higher this morning.
market continues to make new all time highs. Important to remember although we are due for a pull back DON'T expect a large market reversal without a very strong fundamental catalyst... oil which we have discussed several times past few months has broken above June high and now set to head to 58-60 area.
