We had the first big event of this week today when the Fed's Open Market Committee (FOMC) wrapped up their two day meeting with an announcement that while they were prepared to intervene should the economy continue to weaken they were on hold for now.

Although most pundits had predicted that the outcome of this meeting would turn out as it did the market didn't like it and equities ended lower on the day while the Dollar surged:

The S&P 500 must have taken notice of the multitude of headlines coming at market participants and proceeded on a path of pure chaos. Since October 4th, the S&P 500 Index (SPX) managed to trade in a range that spanned from 1,074 to as high as 1,171 in 4 days.

S&P 500, Dow Jones, Nasdaq, Russell 2000, Nymex Crude Oil, Comex Gold, EURUSD, GBPUSD, USDJPY

This shows the 45 minute chart of the ETF for the DJIA: DIA. The DIA is in the process of tracing out 5 waves down from the top. Grasp The Market 45 Minute Chart of the ETF for the DJIA Selling is intense, so it is likely that the DIA is still in wave 3 down. Note the Stochastic, RSI, and MACD indictors. They are all still at or near their lows as of Friday afternoon.