For a brief time investors were indifferent to any rate increase, but they were already bearish well before the announcement on Wednesday. We also have a great looking H&S top which can give us a very ominous sign, that can also work as a brick wall. At very tops in bull markets H&S are not bullish indicators like they were during most of the 2009-2018 bull market. In a bull market the right shoulder would constantly break higher!
For the first part the February bottom must get completely retraced to kill the idea that this rally is not part of the bull market. It is the Mini DJIA that has a different count, but it will also do what all the other indices will do, and that is to head south! What that means is that the SP500 can bottom a bit later than what the DJIA might do. This all could smooth out as any trend gets more established.
The love affair for big tech stocks is starting to wane, being anti Facebook is going to be the thing to do as privacy issues are a concern. Investors are finding out how those “FANG” stocks can get clawed to death by the market bears.