It wasn't a positive development, but today was one of the quietest FOMC announcement days that I can remember. I'd much prefer we had stronger emotions and more volatility rather than this dead action where we just drift around randomly. Even the Fed announcement barely caused a ripple in the ennui.
Volume was quite light today, and breadth was just slightly positive. There weren't any pockets of great strength, nor were there any notable areas of weakness. We just flopped around and ended with a mixed close.
The good news is that we have an interesting setup for the end of the quarter. We don't have much technical support, but we are bit oversold. Longer term, we are still in the downtrend that started at the end of April, but the selling of the last few days is a fairly good setup for some sort of bounce as we conclude the quarter.
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