The Averages (17068, 1972) got whacked again yesterday; but not before an early rally. Note that the pattern has changed from buying the dips to selling the rips. This obviously could reverse itself again, but until it does, those support levels that I have mentioned remain the key: the next support levels for the Dow are circa 16852 (200 day moving average) and 16232 (lower boundary of its short term uptrend). For the S&P, it is 1945 (200 day moving average, 1904 (its prior resistance, now support level) and 1876 (the lower boundary of its short term uptrend.
Most of yesterday’s indigestion was to the problems lower oil prices are causing the Russian economy:
And what impact that may have on the Fed’s decision today: