- Will The Fed Save The Day?

Market Summary
The broad market indexes were dealt another blow last week as investors reacted to a worse-than-expected jobs report and soaring oil prices. On Friday, the labour department reported that the economy shed 63,000 jobs during February, which amounts to the worst drop in five years. As you can see from the charts below, the bearish sentiment pushed the major indexes to their lowest levels since 2006.

As we mentioned in our previous reports, several of the major indexes have broken below the support of interesting triangle formations. Notice how the move below the trendlines signalled that the bulls were losing control of the direction. Many bullish investors will now choose to wait for the Federal Reserve's interest rate decision because this could be the next major catalyst that will help send the markets higher.