Expansive trading swings in yesterday’s session pre- and post-Fed statement were reflected in the volatility index; the market still seems to be a bit on edge. 

Monday’s market reversal may have signaled a significant — if not major — bottom for the growth category. 

Yesterday’s market rebound was the first real technical reversal we’ve seen since this ratcheting decline began earlier this month; doesn’t mean we’re on the straight away for recovery, but is encouraging. 

Complacency is being displaced by fear which could become a capitulation of sorts here over the near term. 

Yesterday’s market action was another one of those familiar “rally failures” and disconcerting from a technical standpoint. 

As of yesterday’s closing, the Nasdaq is within less than 100 points of the lows it struck last October; this is an area where I would expect some kind of a technical bounce. 

From both technical and psychological standpoints, I would make the case that this is possibly the most vulnerable point of the year for stocks because investors are awaiting two very important events – earnings season & the Fed meeting. 

Investors have had the long weekend to analyze, digest and stew over the news events and other factors that have been impacting the market. 

Stock market action remains skittish and highly reactive to day-to-day news events —truly not the sign of a healthy market. 

The Nasdaq making it three in a row, advancing in the last three sessions following that significant pivot on Monday and driving above the 15,000 level.