Equity markets cheered a 25 basis point interest rate hike from the FOMC on Wednesday and drove the S&P 500 up more than 1.0% on the news. However, the takeaway from the statement is that the FOMC will continue to hike rates for the foreseeable future. In this light, the good news is bad because the FOMC still pressures the economy. The bad news is that economic pressure is cutting into S&P 500 earnings, which will bring the index and market down.

The caveat for traders is the S&P 500 failed to cross above resistance. The index moved up to but did not cross the 4,150 level and then closed off of the day's high. This is evidence of resistance at a key level and a potential peak for the market. However, a move above 4,150 would not get the market in the clear because another key level of resistance is just above the 4,300 level.