The NQ100 was slightly weaker early in the day, but then bounced in the afternoon.
XLF was relatively stronger
In general this market feels like it is already expressing relief that the QE unwind will be undertaken in tiny steps.
The oil market continues to show a negative divergence.
While XLE still looks strong.
There are some interesting trade ideas:
LH is in a stable buy zone (low Supply) and displays buying.
BC is about to fall below support and is in a high supply zone.
HRL and KEX are also still rather negative: bouncing into resistance while under selling pressure.
Conclusions:
This market does not show signs that it is under stress.
No exuberance in the small caps yet. So, still wait and see for me or maybe build a neutral portfolio after the market's reaction to the FOMC announcement. Usually, the first reaction after the announcement is faded. The best is to wait 20 to 30 minutes.
