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Chris Vermeulen of The Technical Traders talks about what is going on with the markets. We’ve seen a strong rally off the Fed followed by some all times highs in the S&P500. Now we have dropped back down to make some lower lows in the markets. The S&P 500 is still holding up from the lows we saw a few weeks ago. Based on the Fibonacci theory, the market always searches for a lower low or a higher high which is what can create the market bottoms.

Looking at the daily charts, we can see a pretty good move off the FOMC meeting to the upside. Overall, the Nasdaq trades sharply lower this morning, poking to some nominal new lows.

Video Length: 00:03:06