INDICES : sell the news?
​Indices reaction to the Fed retreat is shy. Yes, the S&P 500 managed a new high for March, passing its bearish 200-day MA. But this action was probably well anticipated by the market: the Put/Call ratio is close to its lows, optimism close to its peaks. European indices have not yet broken above their ECB high (the Dax did, marginally), the Fed is not such a good news for them as the Dollar sank. We could well have seen the highs of the recovery since February. We will turn negative as soon as previous highs will be reintegrated.
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