A recent poll showed that 50 percent of market participants were expecting the Fed to raise rates today.
Investors could not make up their minds on how they wanted to interpret the Federal Reserve's decision to not raise rates. The afternoon gains faded and stocks raced back toward unchanged on the session.
This looks like a failed breakout past resistance near 1,994-2,000 for the S&P 500. After several days of gains prior to the FOMC meeting it might be time for some profit taking, especially ahead of the weekend. S&P futures have already turned negative after hours tonight. I wouldn't be surprised to see some profit taking tomorrow.
We are not adding any new positions this evening.
S&P 500 intraday chart:
S&P 500 daily chart: