Things sure turned south quickly after the Fed announcement today. I don't want to say it's "game over" for the market, especially the Nasdaq, just yet because the market often takes a day or so to fully digest what the Fed says. But it's not looking good at the moment. The Nasdaq closed below its 200-day moving average for the first time since October of last year and the Dow and S&P 500 don't have much support above their 200 DMAs.
As for swing trade set-ups, I'm still not seeing much to do here. We're too oversold for me to try the short side and I'm just not seeing many long candidates. Cash is not such a bad thing right now. :-)
It takes more than a day to digest FOMC news. In a "normal" week it takes 3-5 days for all the supposed gurus at Wall Street firms to meet, agree and then begin to implement plans that they've agreed upon. With a holiday week, 5-7 days are not unheard of. So the question is does Wall Street want to paint a nice picture going into the Easter weekend or are they willing to wait until month end for "window-dressing"? The sign will be a capitulation type move with everyone wanting to just "get out" - a quick spike down on extreme selling readings and then reversal. Tuesday's -1286 NYSE tick reading was close, but not quite and the price action certainly wasn't what we'd typically expect for such a setup.
Mike, what happened to your watchlist posts?