Tuesday was the 6th consecutive down days for the equity market, and Wednesday will be the 7th day down from the recent high.
Monday night spike in 10-year yield to almost 1.4 percent triggered massive selling in Nasdaq stocks. It took the Fed a while to reverse the selling and reversed the trend.
Key for Wednesday will again be the 10-year treasury yield. Should the yield breaks above 1.5 percent we could witness a tremendous stock market crash, may break the next strong support zone between 12,200-12,400
If the Fed can keep the yield below 1.4% on Wednesday we could see a rally or a sideways trading pattern, resistances are 13,400-13,500
