The Fed undoubtedly wanted the markets at or near their all time highs for their meeting.
We discussed yesterday how Monday’s swing low and close above the 10 day MA negated the swing high that formed on Friday. Losing the 10 day MA on Tuesday once again has stocks poised to begin their daily cycle decline. Tuesday was day 30 for the daily equity cycle, placing stocks in their timing band for a daily cycle low. So a break below Tuesday’s low of 3216.17 will signal the daily cycle decline and allow us to construct the declining trend line.
Cycle Trading 
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