Why is this happening you ask?
Well, with the data coming in better than expected, and the economy on seemingly improved footing, the FED (which concludes its two day meeting today) will continue to taper and possibly raise rates sooner than the markets would like. So while you will hear a ton of reason why the market will bounce or fall today, I will simply be looking for a break of this very important noted in the following chart of the SPDR S&P 500 Trust (NYSEARCA:SPY). If this line does break, then that will trigger a technical chart formation called a "Head and Shoulders" pattern, and that line is considered the neckline. This pattern is and telling us there is more downside to come.
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Not exactly a head and shoulders - Remember most of the money is made WITHIN the channel - not looking for breakouts, especially on light volume.
Although there definitely is more downside to come, just not right here.