Overbought? Watch FOMC Announcement at 2:15

April 29, 2009 11:51am by Barry Ritholtz

A couple of charts from Ron Griess over at The Chart Store that might be worth watching, especially in light of today’s FOMC announcement at 2:15:

The first is S&P500 Stocks over 50 day Moving Average

The next chart is the S&P500 Index Divergence vs S&P500 MACD

Graphics courtesy of The Chart Store

Both of these suggest a pullback is possible; Given how stocks have traded on prior FOMC days, and the Dow up 175, this suggests caution may be warranted here . . .

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