The Goog rally of last week looked like it might shield the rest of the market by forcing more than a short covering rally, but the markets still seem to have that fatigue factor mentioned on an earlier post. On the pattern side, there is action much like that of 2008 where the market topped in May and slid until March of 2009.
Fed could raise rates in September but might be put off by a sharp selloff in equities since the world central bank's actions have to date been used as a function of equity price protection. Equity prices are putting in some discount in front of Wednesday's FOMC announcement just in case Yellen decides now is as good a time as any to raise rates. Selling could last through Monday's trade before the Fed watch begins. Commodity prices are also in a raise cash sell off pattern as prices continue nervous liquidation.
