After breaking through its relatively tight short-term trading range on yesterday’s Fed announcement, the S&P500 ran out of gas at 1333. Our best guess is that in the short run the S&P500 trades in a range of 1306-1333 as it tries to work off the overbought condition.
A break of the lower bound at 1306 could take the index back to 1277. Stay tuned.
(click here if chart is not observable)