With markets short-term oversold bulls were looking for any catalyst to spark a rally. Although the Fed said nothing, nothing was all it took to get things going. But, as we got on after the announcement, what rally we had save tech, fizzled.

Volume was healthy and breadth remained positive.





Naturally, positive breadth data revived the McClellan Oscillator.






















































































The chart below contains weekly DeMark indicators. The last 9 [the smaller maroon numbers above the price bars] indicate potential trend exhaustion meaning sideways movement for awhile as it did last fall, just a waypoint for another move higher or something worse. Sideways, up or down equals brilliance eh?















































Enough poor tracking with leveraged issues will cause people to turn away from them. Obviously issuers are under no obligation to maintain what appears as proper levels so it’s a buyer beware deal. But, if tracking remains poor not many investors will deal in them so sponsors will have to take note.

Today’s rally seemed a bust in the end despite the rally in tech. Markets were oversold and looking for “any” catalyst to move higher. The weak Fed statement following no action on interest rates seemed a pretty thin reed to rally upon.

[Lead photo courtesy of family friend Chris Spezzano: www.chrispezzano.com]

Disclaimer: Among other issues the ETF Digest maintains long or short positions in: SDS, SIJ, IYR, SRS, TBT, DBA, DAG, DZZ, GLD, DRR, UUP, EFA, EFU, FXI, FXP, EEV, and EWV.