Chart Updates on the Market

So the FOMC Statement has come and gone and it convinced investors to rally the market 16 points on the Nasdaq and 9 points on the S&P. There is obviously a ton of euphoria behind this market and its stubborn move upwards, and if you remember back in late January, the market was doing the same thing that it is doing today - buying every intraday dip it can get its greedy paws on. Eventually, instead of getting a moderate pullback that keeps the upward trend going in a nice progressive and orderly manner, you instead get a huge sell-off that is like the one that ensued back in early February. So, make no mistake, I'd really like to see this market eventually work off these overbought conditions so we can resume the march upwards - for however long that lasts (I am just full of optimism aren't I?).

Here are the charts on the S&P and Nasdaq

Click Here for the Chart Analysis on the Nasdaq.