The Fed Doesn’t Matter Anymore

The Nasdaq made quite a reversal at day’s end, after stalling just below it’s 20 day moving average. The sell signal still hasn’t failed, since that red candlestick from three days ago was not traded above today. Choppy and trendless trading will probably continue here.

The double short ETF for the Financial sector, SKF bounced off a long-term trendline. Check out that volume. GS broke above that 200 resistance, but closed ugly, with an inverted hammer.

Airlines have rallied off the low, while forming a wedge to the upside. XAL, the Airlines index, stalled at the 50 dma. I’ll be watching for shorts in the sector on an expected pullback. JBLU is one candidate for a pullback after this bounce.