While many traders side with either bears or bulls, remember to embrace the ebb and flow of markets.
Look not to the crystal ball, but at change.
There was some toe-dipping as folks had moved from one side of the fence to fence-sitting, but Thursday's rally probably brought a few more into the pool.
The Fed appeared to hint that a cut could be coming later as it focuses on expansion -- here's what that could mean.
Watch the Russell 2000: It closed at 1550, which is where the 200-day moving average line resides -- if it can get up and over this level, it can improve, but if it slips, those moving average lines become problematic.
The odds that the Fed would cut were already quite low and the news Tuesday of some progress on China trade makes it even more unlikely.
Comments from President Donald Trump and the European Central Bank gave the markets a jolt before Wednesday's Fed meeting.
Short-term chop or pullback appear likely, but there's an indicator worth fretting over: The 50- and 200-day moving average lines of the Russell 2000 are rolling over.
On Tuesday, topping 2900 looked like a climb too high for the S&P, but let's see what the indicators say.
While some profit-taking was overdue, the question now is whether this is simply a refresh pause or a signal that the indices are set to roll over.