Today was FOMC announcement day and as expected, no rate hike. Just moment before the announcement, the market was up with the DJI up more than 100 points. Within minutes, most of these gains were wiped out by the negative reaction to the FED statement stating it is worrying about the global slow down. As quickly as the market sold off, buyers step in and bought the market back up. At the close, the market ended higher than it was when the FOMC announcement came out. It is almost like the flip image of last FOMC announcement day in September.
In this video, a review of today's market action and the levels to watch for the coming days.
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