The Fed left interest rates unchanged. I still believe it is all about the Fed. To that end, the Don’t Fight the Tape or the Fed indicator remains in a bullish signal. The short-term “however” is Investor Sentiment. It remains exceedingly bullish – which is short-term bearish for equities.
Most equity signals are bullish, yet my favorite indicator – the CMG NDR Large Cap Momentum Index remains in a sell signal. It uses longer-term trend indicators, along with other components, and it has not yet turned bullish. The short-term and intermediate-based indicators are bullish as shared below.