Bill Baruch, president of states, Fed day came and went!

Assets across the board lifted off, mostly due to Jerome Powell's "no 75 basis point rate hike in June" rhetoric. Coming into the meeting, investor sentiment was overly hawkish. The Fed is guiding the ship nicely, announcing they will let the balance sheet runoff in June with quantitative tightening.

The S&P 500 (SPX) ripped through resistance 4,270-4,283 (gap from last week). 4,303 is the next level that must be closed above to continue this run. The Nasdaq (NDX) and Consumer Staples (XLP) showed an early sign of a bottom earlier in the week that we bounced off of today. Is 14,000 next?

Crude Oil (CL=F) is back to $108 but must follow through tomorrow as well. Gold (GC=F) and Silver (SI=F) also came off of their lows, but we are not out of the woods yet. Tomorrow is a very important confirmation day, as China comes off of holiday, and OPEC+ is still in the mix.

Learn more about Bill Baruch at Blue Line Futures.