I Was Doing My Commentary When Goran Grabbed The Keyboard And Went Nuts

The markets yesterday left us with more confusion than direction.  Reviewing my commentary from last week to this week shows me very clearly just how little we've accomplished in terms of market advancement.  The major stock indexes are right back to the same support areas that have provided support for the past two weeks.  We essentially treaded water between support and resistance levels for the past 10 trading sessions as everyone waited, with bated breath, for the earth-shattering Federal Reserve rate announcement.  So, now that we have it, where do we go from here?

Given this lack of direction, I am updating the Nasdaq 100 index, the S&P 100 index and the Biotechnology charts from last week, including new comments that reflect the current levels of support and resistance. We'll have to let people ponder the Fed's decision and their accompanying remarks and see who's stronger; the bulls or the bears. The markets have to trade on their own now -- there's no imminent "Magic Fed Medicine" to move us.  We've still got the potential for some major earnings warnings out there.  On the other hand, we've got the famed "window dressing" that should run through Friday. (Although judging from the action this week in the best performing stock of the quarter, I'd say most of the window dressing may already be finished.)  All we can do as traders is know our levels of support and resistance in your selected indexes and stocks and get on the right side of them.

One more quick chart showing an update to a Retailing Index (RLX) play I suggested last week: