There is a lot of tension beneath the surface, and the tug of war between bulls and bears has a solid winner -the latter. Selling pressure remains intact after the change in Fed projections.

Seeing strong reaction in the S&P 500, which is now below the July open, and is erasing all the gains from Q3. We had a ton of new information thrown at us, we are going to need fresh sellers or bulls capitulating to set the sentiment, which for now is very bearish.

Four sectors are in the green today, led by Health Care and Energy. Consumer Discretionary is the worst performer driven by losses from casinos and travel stocks.

The dollar remains stronger, and that is worrisome news for the market.

All about Fedex (FDX)

Shipping giant FedEx (FDX) reports after the bell today and the Street is ready hear more about the global slowdown the company cited last week.

We believe the market is oversold, but it continues to be vulnerable.