The Fed's announcement for faster rate hikes killed off my EURUSD trade and threw markets into a state of confusion. Traders had looked to regain their edge today, but late selling was enough to take some of the wind out of their sails. Having said that, it looked easier for profit takers to follow through on yesterday's Fed action than to scramble back in as buyers. The Russell 2000 had the best of the action, managing to retain the most of today' gains. There was a 'sell' trigger in the MACD, but given its relative position to the bullish zero line this looks to be a typical pullback action (which may not be done yet).

Well, that selling didn't last long. The Nasdaq powered higher as leading tech companies like Apple and Microsoft added over 1%. While the index does well remains a long way from tagging the upper band marking a profit taking opportunity, as had occurred in the Russell 2000 this month.

It was a slow start for some indices, but not surprisingly, the Russell 2000 saw the biggest of profit taking. The index lost just over 1% in a 'bearish evening star' candestick confirmation.   However, supporting technicals are little changed.

The Russell 2000 is getting close to tagging the 5% zone of historic highs relative to the 200-day MA. Selling covered calls would be prudent for holders of the ETF or Small Caps stocks, but since the election it has been all surprises. Premarket for the Nasdaq and S&P suggest the 5% zone could be tagged on Monday.  Technicals are so bullish that the zero mid-line for ROC has disappeared off the chart.