As expected, the dollar tanked on yesterday's FOMC news, but has a long way to go before we start worrying about "hyperinflation". The Fed can print enough dollars to stretch from here to Jupiter, but if the rest of the world is in worse shape than we are, the dollar will still be in demand. This will have to break the 200dma to convince me there is a trend change here.
The market gapped up this morning, right into resistance, hit a high of 803 and began dropping. As I write, we are at 794, just below even for the day. Relative strength is in the Nasdaq, energy, basic materials, and XAU. Relative weakness is in the Dow industrials, financials, and Russell 2000. TNX is down about 1%, TYX about even.
There are 8 new highs so far, with one, GMCR, a breakout that looks very promising. Nothing on the earnings sheet is scheduled to report today, and I haven't caught any "stealth reports" so all is quiet there.
Charts courtesy of stockcharts.com