YIKES!!!.. a little hawkish blather from the FED and the market plunges on 4x normal volume as VIX rises 35% in a single day. Just recall when I suggested buying some VIX calls to guard against such a scenario...but hindsight doesn't pay the bills....but it is instructive..
OK...now what? Good question. The historical September weakness is normally greatest in the last 10 days of the month but that's only a benchmark and not a rule.
The Trader's Outlook is at a tipping point with a bearish edge...meaning things could go either way next week and Randy's normal compilation of technical indicators is absent in this week's update...which was written before the closing bell...thereby missing the high volume selling surge at the end of day.
From a strictly technical viewpoint the markets are extremely overbought and COULD see a bounce on Monday. More likely Monday will be a volatile day with traders evaluating the odds and then Tuesday (aka Turnaround Tuesday) will see the bigger move.