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No Support yet for S&P, but larger trend still very much intact

No real let up to the selling.  & indices down near lows at mid-day- with this being the 2nd of 3 trading days with Volume over 95% in Declining issues,   Europe closed right at prior lows, & still seeing a persistent selloff in Bonds to match that of equities which is rare with volatility on the rise.   S&P won't have to drop too much more before turning more heads to the selloff, and FOMC likely biased, and succumbs to the same fear and sentiment that all of us feel, so if indices are anywhere near lows. and don't bounce by next week, the chance of them ignoring the market and hiking seems unlikely-  For  now not much support outside of just intra-day noise here at 2124 SP  and bigger areas down near 2100 and even below at 2092-3 which would be good to buy into.  For now, defensive stance prudent and no need to reach out and try to pick the bottom, best to hold out for S&P to reach support and/or show SOME evidence of strength.   Dollar creeping up has resulted in Crude pulling back and quite a few Emerg mkt currencies weakening with many LatAm currencies down 1.5% or greater.  4 of 10 sectors down 2% or greater.  Energy, Financials, materials and Telecomm, while only Tech and Staples down LESS than 1%.   No real support here until near 2107 but tough to gain too much conviction on trying to buy dips ahead of FOMC

 

S&P has now given back around 70% of yesterday's gains.   Still no let up in the selling and doubtful that 2125 area for S&P futures represents any kind of serious low-  A move down to test and take out prior lows at 2107 looks likely before any meaningful bounce gets underway

Broader structure at this point is "fine" however, with no serious damage and pullback getting down to areas which have been former "bases" to breakouts and larger uptrend line.  So the market is not yet set for a broader selloff UNTIL/UNLESS we see far more technical damage.  For now, pullbacks to 2090-5 in S&P should be a chance to buy