The FOMC announcement and the first news conference for the new FOMC Chair, Janet Yellen was the big news today. The markets basically treaded water all day, waiting on the FOMC announcement. The announcement wasn't surprising: The reduction of Fed stimulus continues and interest rates will continue to be near zero for the foreseeable future. No really new news could be found there. But the news outlets focused on the markets' spike downward for a few minutes during Yellen's news conference. It was a tempest in a teapot, but I suppose it made for "exciting new commentary". I find it fascinating that many people apparently expect the Fed to predict where all economic data will fall, and on what date, and therefore what action the Fed will take at that time.

SPX dropped as low as $1850 this afternoon, but rebounded to close at $1861, down $11. RUT traded off by $9 to close at $1196. Volatility increased a bit with the VIX closing up a half point to 15.0%.

Trading volume rose with 2.1 billion shares of the S&P 500 stocks trading today, but it remains below the 50 dma of 2.4B. Trading on the NYSE rose 17% and volume increased 3% on NASDAQ.

SPX has hit highs of $1874 three times in the past five sessions and pulled back. That appears to be a moderately strong resistance level. But breaking out above $1880 would be the definitive signal of a resumed bull market. We remain at a tipping point for the markets.

My RUT Mar 1170/1180 and 1200/1210 iron condor remains on the edge; I am only trying to moderate the loss at this point.