Market Outlook:
The key question at this stage is if the current correction will follow the trend seen over the last two years and produce "V" bottom. Since 2014, any and all pullbacks have been one-way affairs that were quickly reversed. And once the rebound began, it hasn't taken the bulls long to push the S&P back to new-high territory. However, the current corrective phase appears to be a bit different and as such, investors may have to prepare for either a retest of the lows or another leg down if companies like IBM continue to disappoint to any meaningful degree. On the indicator front, our environment models remain neutral on balance and suggest that some caution continues to be warranted.

Looking at the Charts... The bulls will argue that the intraday action seen over the last three sessions is encouraging. In short, the bears looked like they had the market on the run and things were looking pretty bleak. However, once Fed officials started "talking the talk," the decline, which was beginning to take on a "waterfall" feel, quickly ended. Thus, the typical reflex bounce began late in the week and the key question for today is whether or not the bulls can retain possession of the ball here. There is rather important resistance just overhead as well as the seemingly all-important 200-day moving average at 1905. So, the action over the next day or so is likely to be quite telling as to which team controls the near-term direction.

S&P 500 - Last 3 Months

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