Hanging at the lows. The breadth was worse then one would think for the small move in SPX at -68%. New highs actually increased to 70. New lows also increased a bit to 471. The bulls are putting up a little bit of a fight just above the Jan. low.
The futures are trying to find some support. At the moment this looks like a continuation pattern.
The market is not short term oversold enough to cause a technical bounce. That likely means the bulls need some good news to spark enough buying to get a decent bounce going. Yellen speaks tomorrow in front of congress. That is a bit of a wild card. Unless she indicates they will forget about raising rates any further I would expect the market to eventually do a full retest of the Jan. low.
I saw some headline about the IEA saying the global oil oversupply is getting worse not better. That put downward pressure on oil and likely kept stock bulls away. I think it might be tough for oil to get much of a bounce going for now.
Bob
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