US Market Update Generally, what you think you derive from...

US Market Update
Generally, what you think you derive from market action on a Fed day does not always conform with what happens in the following days. Many in the financial media are going to great pains to call today a draw.

Treasury yields were all over the place but 10 year reached a high of well over 2.9% since this afternoon's Fed statement - and the USD is down. This combination was quite interesting to say the least.

It may be important to note that oil and the energy sector have kept the markets steady for the past two sessions. Also interesting is that I have seen no extensive mention of the preeminence of this support factor from any of the financial outlets I stream. That either means that my interpretation of the dynamic is erroneous or that someone is not being honest.

While NDX was weak, R2K was strong and while energy kept the market stable, the materials sector also contributed to that overall stability.

Gold was already having a good day but got an even better bid as the USD index declined sharply during the Fed Q&A session.

The Pin centered around SPX 2715

SPX/ES/SPY: 2711.93/2718/270.43
On any bounce, the SPX 2730 area is one to watch. A further rejection of this area could lead to more concentrated selling as buyers become cautious going into Friday.

Market Internals
Advance-Decline Lines: +435. NYSE Breadth: +1.49:1, NASDAQ Breadth: 1.1:1. NYSE TICK: flat trend just above the zero line. TRIN: .91

NYSE MOC: -116M and NYSE composite volume was average.

Implied Volatility
VXJ8:17.35, VXK8:17.32, VIX:17.86

Debt/Bond/Treasury
ZNM8 was down substantially but ended up flat. The 10 Year yield 2.907%.

S&P Futures Now