It was all about the FOMC Rate Decision release on Wednesday, and stocks' initial reaction to that news was slightly negative. The broad stock market extended its short-term consolidation along the resistance level. Will the uptrend continue or is this some topping pattern ahead of downward reversal? There are still two possible medium-term scenarios.
Major U.S. benchmarks are holding ground near unchanged this morning. Price action has peeled back just a bit from the overnight highs in a quiet trade.

E-mini S&P (June)

Last week’s close (May 18 2018): Settled at 2713, down 5.75 on Friday and down 16.50 on the week

1. Running of the Bulls

The S&P gave us exactly what we talked about yesterday, a constructive session with buying interest. The Russell 2000 has quietly been a leader for much of the post-correction trade and yesterday it set a new all-time high.

Wednesday's trading session was quite bullish as stocks extended their recent move up following Producer Price Index number release, among others.

Crypto currencies have been in demand again of late, with prices making higher highs and higher lows. It is not clear what exactly is behind the rally but with the stock markets falling in the U.S., they may have found some safe-haven flows.
Al Brooks provides bar-by-bar analysis on a five-minute chart of the previous day’s prices action in the E-mini S&P 500. This is his analysis for Wednesday, May 2, 2018.

Earnings season is in full swing. We will see earnings releases from Microsoft, Amazon, Intel today. Stocks sold off on Tuesday, but yesterday's trading session was pretty neutral.

Wall Street ended mixed on Monday as tech stocks continued to lead the major indices. The S&P 500 finished flat at 2,670, with the 1.07% gain in materials offset by the 0.43% decline in the tech sector.