The rally in the Dow and Nasdaq has extended into overbought territory. This rally in price was not confirmed by volume which indentifies it as a bear market rally as opposed to the begining of a new bull market. The rally has also relieved the very oversold position that existed in these markets three weeks ago.
In my opinion the Fed has placed themself in the unenviable position of heads you win tales you lose.If interest rates begin to rise this will not be good for an economy fueled by very low rates. If they don’t rise the economy will be showing signs of weakness. Neither of these prospects appear good for the stock market. If I was long stocks I would take some money off the table and if I were inclined to be a short seller I would sell some.