S&P 500 down nearly 20 points in second day of sharp declines
Worries about Greece, a pair of soft US economic reports and the looming Fed decision have led to a sharp decline at the open. The S&P 500 is down 18 points to 2076 and testing the May and June lows.
The decline today breaks the 100-day moving average once again. A fall below the May low of 2069 would put the 200-day moving average at 2047 into play. Stocks haven't traded below the 200dma since October.
The Fed is clearly the worry at the moment. Economic data has been strong enough to make Yellen & Co hawkish. That said, longer term forecasts and 'dots' are likely to be revised to show a slower pace of hikes.
Today SocGen forecast the "dots to show only one hike this year and four next year, down from two and five hikes in the March SEP"
