Market Update

The FOMC statement could be the catalyst to move the market toward the pullback I've been talking about.

SPY resistance from yesterday and today

SPY 5 min negative divergence

SPY 10 min negative divergence

SPY 15 min negative divergence

The bigger picture-SPY 60 min positive divergence.

This is why I suspect the market needs a pullback, but it's not necessarily the end of the bounce-the 60 min chart is quite strong.

So far the market is moving down a bit off the morning highs.