The markets traded down today and actually hit the lows of the day before the FOMC announcement, and then recovered somewhat before the close. SPX lost $8, closing at $2107. RUT closed at its 50 dma, $1247, down $12. NASDAQ finally made its all-time high last Friday, but it seems like each time the NASDAQ composite makes a high, we trade downward thereafter. The previous NASDAQ peak was March 20th and the markets pulled back after that high as well.

Trading volume in the S&P 500 stocks popped up today with 2.4 billion shares and the NYSE trading volume increased by15%. But NASDAQ volume fell off by 8%.

First quarter GDP came out today at +0.2% - a huge miss! Economists were expecting +2.2%. Pending home sales also fell off with aa annualized growth rate of +1.1% for March, down from February's +3.6%. The big news of the day was the FOMC announcement, but it wasn't really news. It was fun to watch the financial news outlets trying to talk about the announcement and fill their time slots, but there was no news! Interest rates remain low and the Fed will increase rates when employment is strong and the inflation rate nears the targeted +2%. In other words, it was the same old story. But the mediocre economic data is starting to weigh on expectations for an interest rate hike. More and more analysts are seeing that event pushed into 2016.

So now we look forward to the jobs report Friday. Will it accentuate market weakness or boost optimism?