Charts of Initial Interest

As I have been saying, this move is more about the IWM than any other average so I wouldn't be surprised to see relative performance lag in the other averages although that's not the case in outright price right now, it is the case in underlying trade as the IWM is more than half way to our target on the first day as we suspected the F_O_M_C would be the cover for such a move.

Also of interest, the lever of HYG which you saw leading the market earlier today, is already showing initial signs of them selling out the position they accumulated to lead the market today. I haven't had the opportunity to check everything else as I will, but these are definitely of interest initially, especially if they keep up.

 With the IWM half-way to our target, there are some interesting initial underlying trade signals.

Remember, this is all about the IWM's breakout, the other averages don't have such an obvious resistance level. You'll notice below in both the averages and Index futures, the IWM is the only one giving strong confirmation after the F_O_M_C.

IWM confirming...

QQQ pretty close...

 SPY is parabolic and NOT confirming thus far.

ES is NOT confirming.

NQ is NOT confirming...

Only the Russell Futures, TF are confirming intraday.

 TF confirming

And more interesting, with the F_O_M_C knee jerk doing the heavy lifting, initial signs are indicating there's already HYG distribution.

The lever seems to now be seeing distribution having done its job INTO the F_O_M_C, setting the tone of their message for the knee jerk.

If HYG continues selling off, we know we are not only close, but right on!

Now for Yellen's "Splaining"