9/19 Chart to Watch

In last night's FOMC, the unexpected result was a 0.5% interest rate cut.

However, with the market expecting a 0.5% cut up to 65%, stock prices temporarily rose. However, in Chairman Powell's press conference, there was a tone that somewhat restrained the dovish sentiment, resulting in a slight negative change in the NY3 index compared to the previous day.

What should be noted now is that the US Growth Value Index (IVW/IVE) continues to decline slightly, and the stock market index SP500 has also turned downward. If the Growth Value Index and the SP500 diverge and then the stock market follows the direction of the Growth Value Index, a trend will emerge in that direction.

All recent declines have followed this pattern from the recent highs.
While the FOMC's passage without incident brought relief and the yen weakened, Japanese stocks saw a strong rise. However, it is important to note that US stocks may be reaching a near-term ceiling.