SPX Basing Through Indecision

Group 1 - The S&P 500 experienced a retracement following the FOMC meeting, impacting the market gap from Sunday, with bonds also trading sharply lower [1] - Institutional selling was noted at the close, particularly in key sectors such as technology (XLK), communication services (XLC), consumer discretionary (XLY), and financials (XLF) [1] - There are doubts about the persistence of negative sentiment, as the sideways movement in European markets suggests potential confidence returning to bonds, which may positively influence equities [1]