The major U.S. indexes posted major declines on Tuesday.  

According to the financial media the rationale behind today’s sell-off is reportedly due to concerns that the Federal Reserve may raise rates as soon as June. However, anyone who has been following the Fed’s guidance knows that June has been the target data for some time.  

Regardless of the rationale the S&P 500 posted its biggest decline in two months.

S&P futures traded down today, with extreme price excursion levels at 2048-2044. The selling continued into the close, with the closing range low in the S&P futures at 2041: 77 points (3.6%) below its March 2nd all-time record high.

The Dow and S&P 500 ended in negative

 

S&P futures sold off in the overnight session, breaching support at Friday’s low. Sunday’s overnight low at 2067 and selling down to 2056.

The overnight low is 62 points (2.9%) below the all-time high at 2118-2120 and 26 points (1.2%) below Monday’s high at 2082.

The next potential support level is the S&P located at or near 2036, the 02-09-15 low.

However, in the context of Monday’s high, the extreme price excursion estimate (34-38 points) would be at or near 2048-2044.

Coming into Tuesday’s open, minor resistance is located at Friday’s low 2065.

Monday’s day session low was 2070. Monday’s settlement was

At the open of Sunday's globex session, S&P futures auctioned up to 2074, before pulling back to re-test Friday's low at or near 2065.

 

Friday’s sell-off marked a 53 point (2.5%) decline below the all-time record high at 2118-2120.

 

Friday’s sell-off breached support at Wednesday’s low of 2085. Prior to rallying up to 2118, the S&P had held support at 2080.

Thus, Friday’s sell-off wiped out all the gains made in the last leg of the up-trend this followed the re-test above the December, January lows at or

The major U.S. benchmark indexes closed lower on Friday.

The Dow closed at 17856: down -278 points (1.54%). The Nasdaq Composite ended the week at 4927: down -55 points (1.11%). The broad benchmark S&P 500 ended the week at 2074: down – 29 points (1.42%).

On the NYSE declined issues (5381) outnumbered advancing issues (1427): -76% versus +20%.

Friday’s sell-off in the S&P followed 6 days on narrow range trading at the new all-time record highs: between 2115 and 2120.

On 02-20-15 the S&P rallied above the prior record high at 2089 and auctioned up to a new all-time record high at 2120. Prior to the break-out above 2089, S&P futures had sold down to 1970 and re-tested support at

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