Fed Confusion Tames Gains
![Image](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEixtu5K-mDLq8AIgOvf0ISiAVJleOPl9ipfQJZWFG3c6El0d-xXlFrPWLkJTAXBEADuyiCqShYU2X0KK6BNJn7Z1NmTujPxbKKAse8MwQq3goJmkir8SvnPQfpGE0Tcku-KSgdz/s1600/SPX_Jul31.png)
Markets didn't react well to the Fed rate cut or the words of Jerome Powell, although today's selling didn't kill the breakouts, it did leave them under pressure. The S&P undercut its 20-day MA and only tagged breakout support of 2,953 but volume did rise in confirmed distribution. Today's action undercut the signal line in on-balance-volume and generated a sell trigger in ADX.