The S&P 500 briefly turned positive after futures traded in deeply negative territory ahead of the open. The index was last down 5 points to 3868.
All eyes are on the FOMC decision on Wednesday as a potential catalyst but the rebound from the lows today shows there are some dip buyers left. Sentiment is terrible at the moment in all my checks and that can be a sign of a bottom.
At the same time, the outside week last week on the chart and the ongoing rise in bond yields (US 2s up 10 bps to 3.96% today) are a big headwind.
