IPFS News Link • Federal Reserve
Fed Facade Fails: Everything Suddenly Questioned
• Zero HedgeAnd why wouldn't it? More free money is good for stocks, right?
The Eccles Building, home of the FOMC – Meetings
The rally only lasted for one hour though. In the final hour of trading, the market sold off and closed in negative territory. On Friday, the sell-off intensified somewhat. By Friday's close, the SPX had lost more than 60 points from its Thursday intra-day high, a sizable chunk over such a brief time period. Below is a chart showing the triangle from which it initially broke out to the upside (ahead of the announcement) and a Fibonacci grid – resistance was encountered right between the traditional 50% and 61.8% retracement levels.