Just past 130, S&P has begun its afternoon ascent to recover a bit of earlier losses. Prices never quite got down under support levels which have held prices intact as a solid Floor for S&P futures over the last few days, and while various concerns remain such as Larger numbers of stocks hitting new lows than highs as of yesterday and breadth deterioration concerns, prices still haven't given us much reason to sell, with regards to the indices themselves. The key developments for today concern TREASURY YIELDS breaking out of resistance levels when looking at both 10 and 30 year yields (LONG TBT) while the 2yr yield has pushed up as well and the yield curve has largely flattened. Additionally, Healthcare has hit new multi-day lows when examining XLV and healthcare looks apt to rollover a bit after its big run of late, with stocks like MNK, AGN, PRGO, MYL and GILD all showing above average weakness that doesn't look immediately buyable. Meanwhile, Gold remains weak and near lows, having shed 0.75% today, or down $9 to 1216 and stocks like AAPL, EA, ATVI, NVDA showing good strength and helping Technology register a positive day, which represents 1 of just 3 sectors higher, along with Staples and Utilities for today- Both of these latter groups however, likely will face tougher times as yields rise and Financials rebound.. which along with Tech "should" be able to carry stocks back up to test and exceed 2400 for a final time into FOMC. For now, watching USDJPY and TNX carefully should provide clues as to SPX movement, but the range of the last few days is very narrow right now with 2365 as support and 2375 as resistance. VIX meanwhile is down -.53% to 11.18 despite minor SPX weakness, which is notable.
Healthcare weakening today, which despite a bit of intra-day rally, looks important and negative for the short run