Equities around the globe continued to rally on central bank policy, namely the Fed's decision to hold off on a rate hike. The rally was especially strong in Europe, where the DAX and CAC rose 2.3% and the FTSE 1.1%. The S&P 500 (SPY) was a bit less jubilant. It popped at the open and traded in a narrow range to its 0.78% intraday high, and then traded sideways to its 0.65% closing gain.
The yield on the 10-year note closed at 1.63%, down three basis points from the previous session and 10 basis points off its interim high seven sessions earlier on September 13th.
Here is a snapshot of past five sessions in the S&P 500.
(click to enlarge)
Here is daily chart of the SPY ETF, which gives a better sense of investor participation. The ETF, like the underlying index, has jumped above its 50-day moving average. But…
