S&P 500 Down 7 of the Last 8

The Fed's on tap this week and it's traders' main focus.

Technical Edge

• NYSE Breadth: 75% Downside Volume

• NASDAQ Breadth: 71% Downside Volume

For the better part of a month, we have been talking about the potential for a selloff into the Fed event, then a rally once Powell & Co. announces a rate hike. A classic “sell the rumor, buy the news” trade — the opposite that we’ve seen play out over the years. 

That said…