Major averages bounced yesterday on higher volume though the majors remain below major resistance points. The market initially sold off then staged its bounce once the price of oil which dipped under $35 a barrel recovered to finish the day higher. It was the lowest price oil has seen since early 2009.
The Federal Reserve concludes its two-day meeting this Wednesday at 2 pm EST when they will announce whether or not they will hike rates. CME FedWatch puts the odds of a hike at 83% despite the recent turmoil.
Futures are up almost 1% at the time of this writing.
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