Stocks Plunge on Hawkish Fed

Stocks have taken a sharp dip downward on hawkish fed minutes. We have blasted through 4729, but have found support around 4700, after testing the next level down at 4693. Dedicated readers should have been prepared for these levels. The Kovach OBV has dipped sharply, but does appear to be bottoming out, suggesting that we may be attempting to establish value around current levels. With soaring yields and higher interest rates, it is difficult to justify another run for highs, but if we do make an attempt, 4729 and 4763 are the next targets along the way. If the bleeding continues, then we will see support from a cluster of levels in the mid 4600's, then there is a vacuum zone down to 4580.