U.S. stock index bears regain firm technical control

The U.S. stock indexes posted solid gains Wednesday afternoon, post FOMC meeting, to give the stock market bulls hope that the indexes had found market bottoms. Those hopes were dashed with even stronger losses on Thursday, to put the bears right back in solid near-term technical control. The U.S. stock indexes are in near-term price downtrends on the daily bar charts, to suggest more sideways-to-lower price action in the near term. Stay tuned! —Jim Wyckoff