The Fed hangover sending stocks lower once again with the NASDAQ feeling the most pain

though the Dow has made a bit of an impressive comeback.

The most important hour of trading starts now.

Welcome to closing bell, I'm Mike Santoli in for Sarah Eisen.

Let's get straight to the market dashboard for the day here.

The S&P 500 has been down as much as just about 1% at the day's lows.

Now the significant thing if you look at the year-to-day

chart is yesterday in the seesaw action after the Fed decision we did break

below this 3800 level that was an area that some of the Bulls were hoping would kind of hold.

It was the range low for what we've been into the past four months and now we're in this sort of

overshoot zone, not too far from the June lows that's been the issue but the real messy

actions that really happening in treasuries in fixed income stocks are

kind of sloshing around getting oversold so maybe that's limiting the

immediate downside but it's it's a bit delicate because the market

has been still twitchie along with those bond yields rising all day. Now take a

look there was a bit of a silver lining a lot of talk around how negative

sentiment has gotten certainly among retail investors a

rare 60% plus bearish reading on the weekly AAII investor poll.

And that's only happened four times in the past. This poll has existed since 1987.

These dots show exactly when that was. Twice in 1990, twice in 08-09.

So there's never just been an isolated incidence of first getting to 60%

and the market bottoms but it happens in the zone when one year out the market

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