Markets were hit hard today in a sell-off that was fueled by the August CPI report and fears the Fed will take more aggressive measures to reign in inflation. The S&P 500 declined 4.32% into a key area of support near 3900. We are closely watching this level for an indication of whether the sell-off is likely to continue or reverse back to the upside. If the S&P 500 index (SPX) closes below the 3900 level, we expect a greater likelihood of a continuation of the sell-off. On the other hand, if the S&P can hold the 3900 level and move higher, we expect a greater potential for a reversal to the upside.
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