The market was choppy on Wednesday following an opening pop and drop that ended with a lower close following the release of the Fed minutes. Besides the usual rhetoric, the one problem that spooked the bulls was the hint at possible rising interest rates the middle of next year in addition to continued tapering from the Fed.
From a technical standpoint, the market was due for a slight breather as the indexes have made stellar gains over the past 2 weeks. The Nasdaq saw its 8-session win streak snapped but the back test to support that served as prior resistance was healthy. (continued…)