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Howdy all. How was your Tuesday? If you remained in the market through Monday's selling, then Tuesday was pretty good for you. Don't get too excited just yet though. We've seen this happen before.... about umpteen times in just the past few weeks. Reversals are the norm, and we have no particular reason to think today's bullishness is going to go anywhere. The market remains range-bound, and it's going to take more movement than this to rock stocks out of their rut. That's just as true for a breakout as it is a breakdown.

We'll look at it below, but first, I want to give you something I know you're not getting anywhere else.

Those of you who've been reading the SCN newsletter for a while now will know I occasionally get on my high horse to gripe about (1) how little perspective the mainstream media gives you regarding economic data, and (2) how the data they provide isn't actually the most helpful data they could give you.

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You know what the scariest part about today's big pullback was? It was that it unfurled for no particular reason. There was no dire news. It just happened, and it happened to kick off the new week. We could chalk Friday's selling up to pre-weekend jitters, but with the new week here we might have expected a new-week buyback. It didn't happen.

And yet, though traders tipped their bearish hand today, it's not like we actually broke down. The S&P 500 is still above a major floor, and it's not like there was a ton of volume behind the selling.

This could be a long October, if investors can't make a decision.

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Welcome to the weekend everybody. Before you get too deep into the leisure activities you've got planned though, invest just a couple more minutes of your time in today's edition. We think you're going to especially like it - we're giving you even more value than usual.

First and foremost, have you seen a chart of Vitality Biopharma (VBIO) lately?

In case you've forgotten, Vitality Biopharma is the company we introduced to you back on August 8th, pointing out how it was developing a pipeline of superior cannabis-based drugs. As we noted then, it's got two specific drugs in the works right now, but also more than 40 pending patents on other cannabinoid-based glycoside prodrugs. It's got incredible potential.

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As tempting as it is to do something -- anything -- here in the aftermath of a major interest rate decision, it's probably a good idea to resist that temptation. The dust is still settling, and stocks are still getting their bearings.

To help you keep your powder dry, we'll take a step back and look at a bigger-picture idea today that just happens to apply to one of our Featured Stocks.

I don't know how closely any of you have been following the Fitbit (FIT) saga, watching the rise and fall of the company (and the stock) in step with an incredible buzz followed by the revelation that the wrist-worn devices don't always take accurate pulse rates. As a student of the market and a fan of health-related technologies though, I've been keeping close tabs on the story and the underlying opportunity, looking specifically for what it'll take for any company to get cardiac monitoring wearables right.

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Well, there it is. The Federal Reserve opted to not raise interest rates, as was widely predicted. As was widely discussed though, the issue still hasn't gone away. The FOMC's vote on the matter wasn't terribly lopsided in one direction, and the consensus was that we're still going to see a rate hike before the end of this year. The next scheduled opportunity to raise rates is December.

Investors weren't quite sure what to make of it at first, doing nothing in the immediate wake of a "we think the economy is strong, but not strong enough to raise rates" message. Having had a while to think about things though, traders decided the message was more bullish than bearish. By the time the closing bell rang, the S&P 500 was up 1.1%, closing at 2163.12.

Yet, that still didn't actually get the index over a major hump. It got it near it, but as you'll see on our chart below, the rally suspiciously stopped near a major convergence of technical resistance. Hmmmm.