As we have seen numerous times over the past several days, the broad marekt bobbed and weaved in an indecisive fashion throughout the day, showing a lack of committment among market players. Stocks oscillated in a sideways range throughout most of the day, slipped lower in the afternoon, then rallied in the final 30 minutes of trading. The end result was a 0.3% gain in the Nasdaq Composite ($COMPX), a 0.2% advance in the S&P 500 Index ($SPX), and a 0.1% rise in the Dow Jones Industrial Average ($DJIA). An encouraging sign was continued relative strength in the small and mid-cap sectors. The small-cap Russell 2000 ($RUT) and S&P Midcap 400 ($MID) tacked on 0.4% and 0.3% respectively. Unlike the preceding two days, all the major indices finished near their intraday highs.

Total volume in both the NYSE and Nasdaq ticked about 5% higher than the previous day's levels. Since stocks finished near their intraday highs this time, the higher volume gain of the broad market could be considered positive. However, the percentage gains in the main stock market indexes were not significant enough to consider it to be an instance of confirmed accumulation among banks, mutual funds, hedge funds, and other institutions. Still, advancing volume exceeded declining volume by a margin of more than 3 to 2 in both exchanges.

ETFs still on our radar screen for potential buy entry on a Pullback include: iShares Nasdaq Biotechnology Index ($IBB), DB Gold Double Long ($DGP), and iShares Hong Kong Index ($EWH). We are also still closely monitoring iPath DJ Grains ($JJG), or possibly Elements Agriculture ($RJA), both of which are commodity ETFs, for potential buy entry as well. As for our sole open position in $UWM, Wagner Daily subscribers should notice in the Open Positions section above that we have raised the stop again, this time to just below the two-day low.

As always, expect a significant amount of intraday volatility and erratic price action following the Fed announcement on economic policy. Although many traders will shy away from establishing new postions on a Fed day, we prefer to focus on the charts and trade what we see, not what we think.

Deron Wagner is the Founder and Head Trader of both Morpheus Capital LP, a U.S. hedge fund, and MorpheusTrading.com, a trader education firm.