Wednesday Market Wrap

{+++} Today was another awful day, but maybe closer to a bottom and a big rally.  The S&P closed about  two bucks above the 50 day moving average today. If that level doesn’t hold tomorrow, we will test the low of last Thursday at around 1598. Then we reevaluate.

The 50 day moving average may hold however, and we could launch higher.  As I wrote last night, my hunch is that buyers wont let this sell off go to waste, especially as we approach quarters end. We’ll see.

Futures are getting hit right now though

SPX futures are -8

Dow futures are -81

See you you in the morning.