We made it through the big FED meeting! As expected, Fed chairman, Jerome Powell, announced a .25 percentage rate hike which is the first increase in more than three years. As I mentioned in my last commentary, this was the most likely outcome. Although the markets were very volatile around the announcement, the response was ultimately positive as the S&P closed up 2.24%. On a technical basis, there is now very strong support around the 4200 level on the S&P 500 index and current momentum is positive. I have marked the major resistance levels on the index to keep an eye out for, should the upward momentum continue in the coming days.
