There are no major signals apparent in my work right now. Ultimately (because it was not a surprise), the news from the Fed will probably be viewed by the markets as a positive, and I think markets should try to work higher (S&P 1190-1206 and Nasdaq 1920-1942, probably before Mar. 28, the last trading day of the quarter). The earnings warning season represents a psychological weight on the market, but currently, there are enough technical indicators (for the broader markets) in positive positions to keep the positive bias for prices in place.
I can sum it up this way: Limited downside, I expect prices to struggle higher, but I do not expect a rocket shot.
Some caution ahead of the earnings warning season will probably prevent prices from making a strong break higher, but there still is a positive bias in place.
The Nasdaq has a layer of price action in the 1864-1875 area, which is acting like a pivot point. The next layer of resistance is well-defined at 1887-1899. Tuesday's intraday high was 1891.51. The resistance in the 1887-1899 area is from intraday charts, but charts based on end-of-day price bars show a band of resistance in the 1901-1960 area, with a focus 1908-1942.
Immediate support for the Nasdaq is well-organized in the 1853-1832 area. If prices were to print 1541-1532 (not expected right now) I think there would be a sharp rebound intraday, but the buying might only be shorts booking profits and probably won't have a lasting impact (maybe just the day).
The S&P 500 has a layer of support 1166-1154.
The S&P 500 has been caught in a band of intermediate term resistance which runs 1150-1177 (daily charts). Resistance (intraday) is 1169-1177. The next layer of resistance is 1190-1206. There is still an underlying positive bias in place. Paul Cherney is the market analyst for Standard & Poor's