The rallies now don't even last 1 day. The futures are bleeding deep red and the rally ahead of the Fed and the fake out pop in the afternoon was sold within a couple of hours. No capitulation, lots of complacency, hopes for a financials bottom/crude top, there is just too much hope in the market and not enough fear. More grinding lower and lower seen ahead. Watch for S&P 1300 soon and then a bull trap off a dead cat bounce off 1270 level. 1400's are history, we won't see those levels for a long time.
What's remarkable in all of this, is how the Nasdaq doesn't play along. It's nowhere near the March lows.
Fund managers are hiding out in tech and energy thinking those stocks will avoid the carnage. The market will fall like dominoes, the financials have set things off, next will be tech and the final domino to fall will be energy stocks. Technicals are atrocious on the indices.
Tech domino is falling right now, still has a ways to go, Energy domino, the final bastion for fund managers will have to fall to have a sustainable bottom. With the OIH down less than .5% today amid the carnage, looks like we still have complacency.
I am also watching the 1270 ES level as a primary level to start scaling out of ES long term shorts from our last venture above the 1430's. 1270 appears to be a magnet imo.