Stocks Stabilize Ahead of FOMC
The S&P 500 has dumped further, and we are well below previous relative lows. It was pretty much a straight dive from the 4100's to the 3700's, with very little buy back or even a sign of a technical retracement. We do appear to be finding support at 3758, with a wick extending down a bit further to 3714 or so. After that, we got a small pivot back to 3792 or so. The Kovach OBV has leveled off and is even starting to turn up a bit, suggesting that we may see continued support at these levels and even range a bit between 3758 and 3792. We anticipate 3714 to be a floor for now, but another proper selloff could easily smash through and test the 3600's. It should be a quiet day today as the markets are anticipating the FOMC tomorrow.
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