We are likely to see some chopping and digesting going forward.
But at least the market is now oversold.
FOMC meeting days tend to be volatile.
The ruble collapse is part of the oil fallout.
Nothing on Friday felt extreme enough or had enough positive divergences.
The 30-day moving average of the put/call ratio is heading up.
The timing is different this time.
Indicators and charts need time to shape up.
That's the real explanation of today's decline.
That would set the market up for a year-end rally.