The day started with a quick sell off of yesterday’s FOMC rally followed by surprisingly strong consolidation action in the 780-790 range and ending in a strongly fought battle to take down the 780 support level that ultimately was unsuccessful. The CBOE Volatility Index (VIX) surged 9.0% ahead of the triple witching Friday. Volume was high.

A mixed day with substantial strength in the Energy and Materials Sectors due to commodity prices increasing as US Dollar declines and profit taking in the Financial Sector. Prices held quite well and volume indicates that a lot of consolidation took place. S&P 500 50 Day SMA is still resistance. GE did a 5 hours PR exercise without any noticeable result thus speaking volumes on the general level of companies’ trustworthiness perceived by the market at this time.

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