Many times the stock market charges ahead of a Fed non-event. Then, a couple of hours after the non-event occurs it gives it back. The only "news" was that the Fed acknowledged that the economy remains slow, as if Keynsian economics could work forever.
I removed a bullish leg of a spread 1% UWM vs. 1% UCPIX, thus going short near the highs. I'm sorry I did not pound the table, but the I1 components are still not peaked yet. The Russell hit Elliott 31.8% retracement, technical, and M/A resistance. I'm holding the UCPIX regardless of events. I expect further weakness overnight but the market should hold together for a few more days.