In order to save whatever little credibility the Fed still has left they decided to raise interest rates and promised to do a few more in 2017 even in the face of massive deflationary forces.
Raising interest rates in an already accelerating deflationary environment just help to intensify deflation. The stage is now set for a global financial collapse, stock, bond, commodities, etc. Central planners is certain to intervene to support the market but eventually the natural forces of deflation would overwhelm central planners. Either they let the system collapses or they hyper-inflates the global fiat paper money system.
In the short term the buying algorithm may be able to continue to push the stock market upward. For Thursday, as long as NQ can stay above 4900, the current rally should continue without any major pullback. But with the Fed December decision out of the way, anything is possible. The stock market can continue to go up or starts to selloff.
