Why Did The US Market Drop Post FOMC?

I shall attempt to explain the answer to the question in the title based on Technical Analysis.......

If we follow the theory that the markets are all inter-related, then one will notice that we are currently trading within an inside bar on all the major indices based on a daily chart.

History will testify that on a Fed day you will always get false moves and a great amount of volatility.

SP500(SPX) - hit an intra-day double top high of 1060 and then failed miserably. It will be interesting to know that the upper body of the inside bar is 1061.1, which was the intra-day high printed today on the wick.

Nasdaq(NDAQ) - we have held double bottom at 1660 recently which was a potentially bullish sign but until we trade above the upper body of the inside bar at 1705.3 , the Nasdaq will remain weak and breach of 1660 is on the cards.

FTSE 100(UKX) - we traded above 5100 which was a very bullish sign as the banking sector was back in play, but until we fail to breach 5167 the bias remains to the down side.

DAX(GDAXI)- The German DAX Index finds itself in a slightly different conundrum due to its weekly and daily chart providing conflicting signals. I shall elaborate on the DAX further in a different article.

I will class today's price action as a potential pivot day based on the formation of the double top pattern in the SP500(SPX), whilst all the other major Indices are forming inside bars.

I have posted an example of an inside bar in the chart attached of the SP500(SPX).