Just quick note here on the Price/Volume Diffusion Index (PVDI) ahead of the Fed announcement. The PVDI has retraced some of the decline that occurred over the last few weeks. Bounding off of a low of 45.8, the PVDI presently sits at just above the 48 demarcation. The chart below shows the progression
A measure below 50, in of itself, does not necessarily suggest an imminent downside move in the offing. That said, a PVDI measure below the 50 demarcation does suggest an increased risk of lower equity prices.
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