NEW YORK (TheStreet) -- Initial market reaction to the Federal Open Market Committee's decision not to raise rates and Federal Reserve chief Janet Yellen's press conference was extremely choppy. In the first five minutes after the decsion was released, the major equity averages jumped, setting the day's highs just before 3 p.m. ET. Then reality set in.

Yellen's comments indicated concern about volatility in China and emerging markets, and that made investors concerned the FOMC adopted a new mandate of "monitoring global market conditions." Investors should be worried the FOMC has become so transparent it is taking policy advice from organizations such as the International Monetary Fund.

At home, the FOMC is concerned about the residual effects of the Great Recession on the U.S. banking system, as data from the FDIC suggest.

Reactions in global markets overnight has to be concerning. The Shanghai Composite closed just fractionally higher. The Nikkei 225 opened lower and declined and closed at the day's low. The German DAX gapped lower and traded below the all-important 10,000 threshold. In India, the Nifty 50 gapped higher, but ended the week with a negative weekly chart profile.

Today's charts include a vertical line through July 29, which was the day of the previous FOMC meeting. The high in reaction to Fed's non-move that day provided a sell on strength opportunity. Thursday's high seems to have provided the same negative reaction.

Here's the daily chart for the Dow Jones Industrial Average


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The Dow 30 had a close of 16,675 on Thursday, down 6.4% year to date and 9.1% below its all-time intraday high of 18,351, set on May 19. The Dow 30 closed above its 38.2% Fibonacci Retracement of 16,510 after the positive reaction to Fed policy had the index above the 50% retracement of 16,863. But that gain could not be sustained. The Dow remains below the "death cross" of the 50-day and 200-day simple moving averages of 17,162 and 17,700, respectively.

Here's the daily chart for the S&P 500.


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The S&P 500 had a close of 1,990.2 on Thursday, down 3.3% year to date and 6.8% below its all-time intraday high of 2,134.7, set on May 20. The S&P 500 closed above its 38.2% Fibonacci Retracement of 1,969.3 after the positive reaction to Fed policy had the index above its 50% retracement of 2,000.9. The gain could not be sustained.

The S&P 500 remains below the "death cross" of the 50-day and 200-day simple moving averages of 2,040.7 and 2,069.1, respectively.

Here's the daily chart for the Nasdaq Composite.


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The Nasdaq had a close of 4,894 on Thursday, up 3.3% year to date and 6.5% below its all-time intraday high of 5,232, set on July 20. The Nasdaq closed above its 61.8% Fibonacci Retracement at 4,874 after failing at its 50-day simple moving average of 4,959. The index closed below its 200-day simple moving average of 4,918, with the 38.2% retracement at 4,652.

Here's the daily chart for the Dow Jones Transportation Average.


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The Dow Transports had a close of 8,215 on Thursday, down 10.1% year to date and 11.8% below its all-time intraday high of 9,310 set on Nov. 28, 2014. Transports stayed between its 38.2% retracement of 8,161 and its 50% retracement of 8,380, and between the "death cross" of the 50-day and 200-day simple moving averages of 8,138 and 8,605, respectively.

Here's the daily chart for the Russell 2000.


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The Russell 2000 had a close of 1,180.69 on Thursday, down 2% year to date and 8.9% below its all-time intraday high of 1,296.00, set on June 23. The small-cap index stayed between its 38.2% retracement of 1,176.20 and its 50% retracement of 1,199.09, and below the "death cross" of the 50-day and 200-day simple moving averages of 1.200.72 and 1,221.29, respectively.

This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.