Financial Hero Comes To Rescue After S&P500 Fails To Break

S&P500 was trying to break the resistance at 875 after Fed' s FOMC statement was released. David Merkel at The Aleph Blog has good comments on FOMC statement. The first sentence in the statement:

Information received since the Federal Open Market Committee met in March indicates that the economy has continued to contract, though the pace of contraction appears to be somewhat slower.

... is obviously bullish after today's advance estimate of GDP for 1q2009, that signals 6.1% contraction.

S&P500 moved above 882, and failed (red line in the chart below) ... coming back below 875 (cash market closed slightly below 874) . However, the financial hero (S&P500 Financial sector - blue line in the chart below)) came to the rescue and decided not to participate to the downside ...