____________________________
The selling has been steady, without much fear and panic, since just after yesterday afternoon’s FOMC announcement. The five-minute chart of the SPY, below, stretches back out to that announcement, and denotes the trend (on this timeframe) lower. The bulls are trying to stabilize things intraday, but with the steady move lower you can be sure the bears are going to try to push the envelope before they start covering. Also note that the VIX (usually inverse relationship to equities) is starting to pick up steam higher, after previously diverging lower, which might very well mean that fear is coming back into the market after the steady selling.
____________________________
