I tried my imagination but I was disturbed
--Tommy Tutone
Continues to feel like the tone of the tape is changing. Earlier this week the multi-month uptrend line was finally broken in a convincing manner.
Positive openings over the past couple of mornings have had trouble sticking. While indexes are approaching oversold levels on a daily basis, stochastics suggest overbought conditions on a weekly basis. This suggests that although the SPX might reach for near term support in the current 400 to 1420 area, there may be a larger downside date with destiny.
Also starting to wonder whether markets aren't beginning to wonder whether the Fed is out of ammo. After all, yesterday's FOMC announcement came and went with barely a wimper.
position in SPX
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I served seven years as the chair of the Princeton economics department where I had responsibility for major policy decisions, such as whether to serve bagels or doughnuts at the department coffee hour.
~Ben Bernanke
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