In the market Wednesday, the selling began accelerating as the indices followed through on slipping out of the March uphill green line channels from Tuesday. Looking at the charts below, it is easy to see that the Nasdaq is in a lot better shape than the S&P as it is likely to catch support in its pink channel on Thursday. However, the S&P won't catch support on the lower line of its pink channel until it is nearly down to its lower line of its long term blue channel line.
Taking a look next at the VIX and VXX charts below, we see a fairly sizable reactionary move in the VIX but comparing it to the not so volatile move in the VXX, it looks as though traders are still convinced that Yellen's SPY and QQQ buying algorithms will save the day shortly as they always have. I'm not sure that it is a good assumption to believe that Yellen will never, ever let this market have a substantial correction.
Trade well my friends