No Benefit Of Doubt

Buyers seemed motivated for the first couple of hours, but after that they lost their mojo. Given the shellacking many have endured for weeks on end, few are willing to give this market any benefit of the doubt until they have to.

I would have rather seen a sell off at the open and then a strong close above 1310, but Mr. Market doesn't care what I want. Technically, we really need to hold today's close and stay above the 1300 threshold or the odds dramatically increase that we'll go back to the same old downtrend and break Monday's lows. The big question now is whether we'll see the "rally into Ben" trade that has worked so well in the past with the Fed meeting next week. As they say, let's take it one day at a time.