Did Everything Change On March 20th?

Wednesday, March 20, was probably one of the most important days for stock market in some time. It was the day FOMC meeting concluded, and Chairman spoke at the presser. Unfortunately (for bulls), I think that it was not the main event to concentrate their attention on. Also on that day, two large-cap companies reported their earnings. Both FedEx and Oracle missed, and their stocks got hammered. Below are the charts I have been staring at ever since Wednesday night. If you followed me for a while, you know how essential the correlations are for my market view. It cannot be any more picture-perfect than these two stocks. Both are the leaders of their respective indexes - Dow Transports and Nasdaq 100. Traders, it is not looking good for bulls now! Protective stops and hedging should be their main focus in the coming days. Based on the charts below, stock market may now be looking closer to making a short-term top, even if it goes slightly higher from here in the next few days (in result of a quarter-end markup).

click on charts to enlarge