The most documented move has been the S&P
500's drop below the bottom of a two-month trading range under 1,840 (see Chart 1). The rally preceding last week's March non-farm payrolls report turned out to be a false move, or a bull
trap, as prices were driven back into the range.Stocks hit the bottom of the range and then rallied after the Fed minutes were released Wednesday. Traders apparently believed that the Fed would not raise interest rates for a longer period of time than previously expected. But the party ended abruptly Thursday as the market rejected the idea in no uncertain terms.