The FOMC Didn't Help Stocks
The FOMC event did little to appease the stock market yesterday. To combat inflation at 40 year highs, the Fed raised interest rates by 75bps, the largest hike since 1994. This was largely priced in and we saw a brief relief rally in equities, which was quickly faded, and we have since broken support to establish new relative lows. The level 3714 was our last technical level in the 3700 handle, and we have now broken into the 3600's, finding support at 3694. We are currently seeing a smaall pivot off of this level, and support is confirmed by green triangles on the KRI. We appear to be running into resistance in the low 3700's, but if we can sustain momentum, then 3823 is a likely ceiling. If we sell off further, 3624 is a likely target.
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