Yesterday's markets remained fairly neutral until the Fed released statements from their policy meeting. The statements suggested that the Fed may not pause rate hikes at their next policy meeting in June. They also made comments that would lead one to believe further rate hikes may be in order depending on future economic data. The Fed Funds Rate was increased 0.25% to 5.0%. The market obviously didn't like this news too much and gave up the days minimal gains. The Dow, S&P, and Nasdaq all closed flat on the day.

Now that the Fed news is out of the way, the market should actually show some signs of life. Since Monday, the market has been pretty flat and squeezing out profits has proved to be a difficult task. Today's market should be more volatile, and trading opportunities should be easier to spot. U.S. stock futures are suggesting a flat opening once again.  Gold, currently 716 an ounce, and crude oil, currently 72.81 per barrel, will likely come back in play now that the Fed news is mostly priced into the market. Oil inventory numbers missed expectations yesterday, which may bring the speculators back in the game and cause crude oil to move back towards the 75 level.

 
Take a look at the 20-day chart for YAHOO! Inc (YHOO). As you can, YHOO has been all over the place after creating an upside gap. The stock has recently shown a lot of weakness, and closed just above 32 support yesterday. If YHOO breaks 32 support, it will likely fill the remainder of the upside gap. The gap bottom resides at 31.40.

JDS Uniphase Corp (JDSU) was in bull mode for quite some time, along with the rest of the fiber optics companies. The stock was trading in a nice uptrend channel, and provided several opportunities to make money if you timed it right. That said, buying JDSU on its most recent pullback to the uptrend line would not have treated you so well. The stock broke through the uptrend line support, and has since continued lower.

Andy Swan is co-founder and head trader for DaytradeTeam.com.  To get all of Andy's day trading, swing trading, and options trading alerts in real time, subscribe to a one-week, all-inclusive trial membership to DaytradeTeam by clicking here.