Note: I have a doctor’s appointment in the morning so there won’t be a watchlist tomorrow. Look for post-Fed charts tomorrow evening.

Given how much angst there was over the Bear Stearns fallout I think the bulls have to be happy with how little damage was done to the indices today. The S&P managed to close above that important 1270 level. But, like I said yesterday, we’re still left very close to that critical technical level with the reaction to the Fed decision likely to make or break that 1270 support.

Despite all the focus on financials today the Nasdaq, which isn’t financial-laden, got hit worse than the S&P. A look under the covers of the Nasdaq-100 shows where the selling took place: FMCN (Chinese advertising) - 27%, APOL -10%, FWLT (Construction in the energy space) -10%, BIDU -8%, UAUA -8%, GENZ & VRTX (bio-wrecks) -5%, ADBE -5.6%, GOOG -4%…

The action in many commodities was toppy today as well. DBA, which is composed of Corn, Wheat, Soybeans and Sugar is working on a double top. It just needs to close beneath the March 10th low, which is 31 cents away, to confirm a double top. Note the bearish divergences in On-Balance Volume and stochastic:

And oil broke its 6-week uptrend today:

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