The First Fed Day Playbook Holds True 📉 The Chart Report
Chart of the Day
🏆 Today's Chart of the Day was shared by Bespoke.
Today's FOMC meeting marked just the fourth time a Fed Chair's first Fed Day has taken place with markets open.
Historically, these events have been accompanied by heightened volatility, with Bernanke, Yellen, and Powell all seeing the S&P 500 finish lower following their inaugural rate decision.
We saw a similar script unfold today, as stocks sold off after Warsh's press conference, resulting in the worst "first Fed Day" performance for a new Fed Chair since 1994.
The Takeaway: The S&P 500's first reaction to a new Fed Chair has tended to be one of caution.
More Great Charts
Today was the worst day of the year for the S&P 500's advance-decline spread.
See the whole post from Kevin Gordon.
Retail investors' cash allocations have fallen to historically low levels.
View the full tweet from Guilherme Tavares.
JPMorgan, the bellwether within the financials sector, is in striking distance of a new all-time closing high.
See the complete post from HiVolBreakouts.
Both bank ETFs are pressing into their prior highs.
Given their historically inverse relationship with Treasury yields, a breakout could signal either lower yields ahead or a decoupling between the two.
Examine the entire tweet from Dylan Tanen.
The S&P 1500 Machinery Index has broken out to fresh all-time highs.
Check out the whole post from Alfonso De Pablos.
The Equal Weight Biotech ETF closed at its highest level since early 2021.
View the full tweet from Evan Medeiros.
The Gold ETF is testing its former breakdown level at $400.
Examine the entire tweet from Mark Ungewitter.
MicroStrategy is forming a potential head-and-shoulders top.
Check out the whole post from NorthstarCharts.
Bitcoin is attempting to stabilize at its 200-week moving average while exhibiting its lowest correlation to the S&P 500 since last July.
View the full tweet from CryptoBirb.
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