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You know by now that the FOMC did and said exactly what everyone expected... raised the benchmark rate to 2.25%, and retained the same language in the accompanying statement.

In advance of the announcement, the E-SPH ran up to new recovery highs at 1205.75, but since the FOMC news was released, has pressed back to the 1203-1202 area, which is circling unchanged on the day... As long as 1200-1199 support contains any further intraday weakness, the bulls will remain in directional control... However, a sustained break of 1200-1199 will trigger initial signals that the current upmove is over, and that the index has entered a corrective move with 1193-1191 as its first target zone.

See our updated daily chart analytics from a few minutes before the announcement -- of the E-SPH along with the positioning of prior Fed rates hikes during the past 6 months...

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